Bigger Picture
Look ahead: Economic Calendar – for Wed Nov 4, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Wednesday is littered with Fed speakers. The day also has the ADP report that offers some insight into the market’s sentiment ahead of Friday’s payrolls. ISM also has a track record of influencing price action.
*Lael Brainard Speaks
5:30 AM ET
MBA Mortgage Applications
7:00 AM ET
*ADP Employment Report
8:15 AM ET
International Trade
8:30 AM ET
Gallup U.S. Job Creation Index
8:30 AM ET
*Patrick Harker Speaks
8:45 AM ET
PMI Services Index
9:45 AM ET
**Janet Yellen Speaks
10:00 AM ET
*ISM Non-Mfg Index
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
2-Yr Note Auction
1:00 PM ET
*William Dudley Speaks
2:30 PM ET
Daily Spot… Resuming their trends.
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
After Friday had maximized the corrective bounce potential, initially firming Monday did not extend and only ranged narrowly under Friday’s high. Retesting last week’s low is likely so long as 1.1100 isn’t recovered.
Gold Dec Contract (GC, ETF: (GLD))
Despite having held the 1138.50 pullback limit Friday, gapping down slightly to fresh lows extended intraday to 1132.50. A bounce can now test 1141.50 without reversing the trend up.
Silver Dec Contract (SI, ETF: (SLV))
Thursday’s breakout wasn’t confirmed Friday, but Monday’s open still gapped down and extended to 15.25, much further below the 15.85 buy signal.
30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down slightly Monday soon probed a couple of ticks under Thursday’s 155-21 prior low down to try resuming the decline.
Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Several days of testing the 46.00 bounce limit may have begun resolving down with Monday’s weaker open. Momentum didn’t actually reverse down, but the recovery attempt cannot afford any further delay if it is valid.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Closing above 2.31 Friday allowed a second consecutive higher close Monday above 2.37 to signal a new rally leg already underway. But the open gapped down and the session was spent consolidating within the recent range. Recovering 2.37 would still be bullish, but also needing a second consecutive higher close to confirm.
Look ahead: Economic Calendar – for Tue Nov 3, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Tuesday’s calendar has only one high-profile report (Factory Orders), but nothing with any track record for influencing price action.
Gallup US ECI
8:30 AM ET
Redbook
8:55 AM ET
Factory Orders
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
Globex is open…
Click here to monitor overnight trading in the chaRTroom.
The Universe, week of Nov 2 2015…
[Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]
Let’s revisit the Canadian stocks mentioned previously (OGRMF, SPRWF, TWMJF). They had formed 3-day surges, which tends to mark significant near-term momentum peaks. In fact, their price action reacted down considerably from there.
Another trait of the 3-day surge is that recovering its peak is very bullish. The assumption is that the impatient buyers who created the froth have been corrected. These stocks ended the week probing their surge peaks.
Probing, or retesting? Overlapping. Extending higher through Monday’s close would confirm the breaks higher underway, and new uplegs developing. Otherwise, the surge highs will more likely hold their retest. Reversing down isn’t mandatory, but at least a delay to rallying would be.
Among the sector, only one other new issue is timely, PMCB, which has formed a massive inverted Head & Shoulders pattern. We’ll review the chart during Livestox.
| Marijuana Stock Universe for November 2, 2015 | |||
| Reference this table during stock reactions | |||
| 4-week | # up: | 10 | 10.00% |
| trends* | # flat: | 17 | 17.00% |
| # down: | 73 | 73.00% | |
| *The percentages of stocks rising or falling over 4 weeks. | |||
| symbol | support | resistance | 4-week trend |
| ACGX | 0.000 | 0.003 | down |
| AERO | 1.000 | 1.950 | down |
| AGTK | 0.000 | 0.004 | down |
| AMMJ | 0.070 | 0.150 | down |
| ARNA | 1.650 | 2.200 | down |
| ATTBF | 0.035 | 0.075 | down |
| BLOZF | 0.130 | 0.240 | down |
| BLPG | 0.015 | 0.086 | down |
| BRDT | 0.012 | 0.031 | down |
| BTFL | 0.011 | 0.059 | down |
| CAFS | 0.001 | 0.011 | down |
| CANL | 0.440 | 0.740 | down |
| CANN | 0.600 | 1.330 | flat |
| CANV | 0.795 | 1.160 | flat |
| CARA | 14.250 | 18.870 | down |
| CBDS | 0.510 | 1.850 | down |
| CBGI | 0.000 | 0.005 | down |
| CBIS | 0.020 | 0.041 | flat |
| CGRW | 0.360 | 0.610 | flat |
| CHUM | n/a | n/a | down |
| CNAB | 0.300 | 0.590 | down |
| DEWM | 0.001 | 0.003 | down |
| DIGP | 0.170 | 0.400 | down |
| DSCR | 0.000 | 0.025 | down |
| EAPH | 0.005 | 0.013 | down |
| EDXC | 0.007 | 0.019 | down |
| ENCC | n/a | n/a | down |
| ENDO | 0.006 | 0.018 | down |
| ENRT | 0.012 | 0.026 | down |
| ERBB | 0.002 | 0.004 | flat |
| ETST | n/a | n/a | flat |
| EXMT | 0.000 | 0.004 | up |
| FITX | 0.004 | 0.078 | up |
| FSPM | 0.000 | 0.250 | down |
| FULL | 3.130 | 3.390 | up |
| FWDG | 0.000 | 0.002 | down |
| GBLX | 0.270 | 0.460 | up |
| GRCU | 0.000 | 0.004 | flat |
| GRNH | 0.023 | 0.067 | down |
| GWPH | 71.600 | 86.400 | down |
| HEMP | 0.050 | 0.107 | down |
| ICBU | 0.000 | 0.003 | down |
| IGRW | 0.000 | 0.002 | down |
| IMLFF | 0.100 | 0.180 | down |
| INCC | 0.000 | 0.002 | down |
| INSY | 21.250 | 27.350 | down |
| ITNS | 0.001 | 0.005 | down |
| KAYS | 0.067 | 0.187 | flat |
| LATF | 0.000 | 0.001 | down |
| LXRP | 0.140 | 0.205 | flat |
| MCIG | 0.017 | 0.030 | down |
| MDBX | 0.062 | 0.150 | flat |
| MDCN | 0.000 | 0.001 | down |
| MDRM | 0.008 | 0.025 | down |
| MINE | 0.000 | 0.002 | down |
| MJMD | 0.000 | 0.015 | down |
| MJMJ | 0.000 | 0.001 | down |
| MJNA | 0.020 | 0.035 | down |
| MNTR | 0.310 | 0.620 | down |
| MSRT | 1.410 | 1.880 | flat |
| MYEC | 0.014 | 0.021 | up |
| MYHI | 0.013 | 0.100 | down |
| NDEV | 0.016 | 0.053 | down |
| NMUS | 0.218 | 1.215 | down |
| NRTI | 0.000 | 0.002 | down |
| NTRR | 0.022 | 0.046 | flat |
| OGRMF | 0.390 | 0.520 | up |
| OSLH | 0.000 | 0.001 | down |
| OXIS | 0.009 | 0.019 | down |
| PHOT | 0.010 | 0.030 | down |
| PLPL | 0.053 | 0.121 | down |
| PMCB | 0.095 | 0.140 | flat |
| PNTV | 0.001 | 0.007 | down |
| PZOO | 0.001 | 0.005 | down |
| QEDN | 0.000 | 0.003 | down |
| REDG | 0.000 | 0.003 | down |
| RFMK | 0.000 | 0.002 | down |
| RSSFF | 0.030 | 0.100 | down |
| SING | 0.005 | 0.012 | down |
| SKTO | 0.000 | 0.004 | down |
| SPRWF | 0.180 | 0.230 | up |
| SRNA | 0.100 | 0.185 | flat |
| STEV | 0.038 | 0.055 | down |
| TAUG | 0.003 | 0.005 | down |
| THCZ | 0.075 | 0.013 | flat |
| TRTC | 0.088 | 0.129 | down |
| TURV | 0.463 | 0.770 | down |
| TWMJF | 1.910 | 2.200 | up |
| UPOT | 0.040 | 0.125 | down |
| USEI | 0.000 | 0.003 | down |
| VAPE | 0.001 | 0.038 | down |
| VAPR | 0.000 | 0.050 | down |
| VGPR | 0.000 | 0.002 | down |
| VHUB | 0.025 | 0.048 | up |
| VPCO | 0.170 | 0.550 | down |
| VPOR | 0.000 | 0.001 | down |
| WDHR | 0.000 | 0.002 | down |
| WOGI | 0.005 | 0.013 | flat |
| XTRM | 0.001 | 0.004 | flat |
| XXII | 1.300 | 1.850 | up |