#hashtag whatever, police and racial tensions have erupted from Dallas/Louisiana to Minnesota. In the wake of the Orlando shooting last month, COPsync, Inc. (NASDAQ: COYN) saw a surge in volume and an intraday gain of near 100%. With it being a small share structured ticker with a business model described as operating a real-time law enforcement mobile data information system in the United States, COYN premarket will tell the story if it’s going to see a surge worth playing.
It’s JOBS Friday and the market, as I emailed and posted about, has become accustomed to selling off on good or bad reports and typically buying it back up soon after. The market has also become accustomed to turning BEARish short term each time the DJI prints 18,000 and ES prints 2100. ES printed it and the DJI came within spitting distance of 18,000 and, what happened? We dropped for a nice 10 point move down to SPY 208.64.
The BTFD concept still prevails with all of the world markets in the toilet and the DAX in Germany having set even lower lows today. This has set up for a dual possibility which is going to directly favor the BEARS or the BULLS.
The pop and drop yesterday ON THE 10AM REVERSAL set the stage for a drop into the 207 range, and maybe even the 206 target level I posted in the email yesterday. This would be the most likely case to play out over today and maybe into Monday’s session based on POORLY RECEIVED Jobs data. The other is one with limited upside to it in the short term – POSITIVELY RECEIVED Jobs data which happens 1/3 of the time since March, 2009 and would look to equal or nearly equal the preBREXIT high: 212
With the overnight ES triple top @ 2097 shortly after the EU open, 2090 is where I’m looking for a close of that. As of 5AM, we’re at the close from Thursday which is not a situation which is setting up to play out in that BULLISH pattern. With POORLY RECEIVED Jobs data, 208.50 will be the first level I’d be looking for and then 207.90 before testing the Wednesday lows near 207.20.
Pivot Points to watch out for: 210.5766 | 208.5566
Cheap Lotto Friday
The $100 lotto play day is here and we’ve seen better plays later in the day than immediately off the open. Ideas will be Tweeted and posted in the Options Alert skype room prior to the open, but for those who failed to execute a sale while green on Wednesday or apply a Stop Loss on their Tuesday trade, sitting back may be better than trying to revenge trade your way back.