This is the final week of September and the final week of Q3. Earnings season is just a couple weeks away so window shopping dips for further out positions ahead of ER dates will be a strategy to focus on.
APTY 0.0155 (520% from .0025 Alert)
Gains are there, but volume still has not reached the 6 figures for a session. Those who can recall the FPVD and ONOV runs, word has it the float is being locked up for something similar with APTY. Hold’em if you got ’em, but get the principal out to free ride the potential.
MRNS 2.20 (Big Gap To Fill)
The gap fill back to $5 had a large contribution Friday after Marinus Pharmaceuticals provided an update on its Phase 2 trial evaluating the efficacy of open-label ganaxolone as an adjunctive therapy for uncontrolled seizures in female children with PCDH19 mutation and other rare genetic epilepsies. MRNS is still down -72% this year after the mid-June ganaxolone failed late-stage study in assessing its efficacy in treating adults with drug-resistant focal onset seizures. It will be a long road back to $5, but worth keeping track of.
OWCP 0.0037 (Death Drop)
The bottom is not in yet, but this 500M authorized cannabis ticker is worth tracking. There was only 81,460,875 shares issued as of a month ago, so the dilution is in full effect and needs closer monitoring before getting involved.
Newsletter Promos To Be Aware Of:
- AGHI – CVSI – TXHD – FTNW
- Wolf has a Subpenny @ 9:30
- APS guys have a new one @ 9:30
Options – GOING SHORT
• I will be looking @ SEP 30 & OCT 7 SPY 212 PUTS today
We ended last week oversold, but this doesn’t necessarily mean a bounce is due. Short term support for SPX is the at 2131 (SPY 213) and 2116 (SPY 211.5) pivots, with resistance at the 2177 (SPY 217.5) pivot.
This week should be a weak one with Home Sales news due out today, Durable Goods Wednesday and Personal Spending on Friday. OPEC meets Wednesday and it’s already been stated that no production cut agreements are likely to be announced.
Speakers take to the stage all week with Kuroda last night, ECB’s Draghi & Nowotny after the EU close today, and FOMC members Kashkari (9:30AM), Tarullo (11:45AM) and Kaplan (1:30PM) throughout the day.
After today’s close:
- The first Clinton v. Trump debate
- Tomorrow is Sept. 27, 2016 (9-9-9)
- There is NO ECONOMIC NEWS tomorrow ANYWHERE but the US
• 9:00 S&P/CS HPI Composite – 20 n.s.a. (YoY)
• 9:45 Services PMIP
• 10:00 CB Consumer Confidence
• 11:15 FOMC Member Stanley Fischer Speaks
Keep SPY 212.52 in mind as the current bottom since we tested that multiple times after the September 9 drop without breaking it by more a candle on the 1 minute chart. Keep in mind also that Nasdaq hit new All Time Highs last week Thursday which allows for a pocket to be filled on about 70% of S&P 500 listed companies.
Trump or Clinton, poor Home Sales numbers, due to be weak Personal Spending (MoM) numbers Friday, testimonials from Yellen Wednesday and then a speech after Thursday’s close, ECB & FOMC member speakers throughout the week and OPEC due to sit down in Algiers, don’t get over bearish, but don’t be a bagged short term bull either.
I made it clear where the charts want to go and how the last 5 elections affected the market. 212.52 has been the bottom, but with a strong Trump possibility, that’s UNDOUBTEDLY to be broken.
SPY Points of Interest
- 217.25: 2nd Level Resistance
- 217.02: Price Crosses 40 DMA
- 216.62: 1st Level Resistance
- 216.58: 38.2% Retracement from 4 Week High
- 216.02: 14 Day RSI at 50%
- 215.89: Price Crosses 18 DMA
- 215.76: 50% Retracement from 4 Week High/Low
- 215.62: 1st Level Support
- 215.25: 2nd Level Support
- 214.70: Price Crosses 9 DMA
- 212.31: 4 Week Low
- 116.26: 2nd Level Resistance
- 114.48: 1st Level Resistance
- 111.24: 1st Level Support
- 109.78: 2nd Level Support
- 102.53: 4 Week Low
I see AAPL 110s printing this week (50% chance 109s print)
- 129.25: 2nd Level Resistance
- 128.61: 1st Level Resistance
- 127.31: 1st Level Support
- 126.65: 2nd Level Support
- 123.09: 4 Week Low
- 97.65: 2nd Level Resistance
- 96.80: 1st Level Resistance
- 95.26: 1st Level Support
- 94.57: 2nd Level Support
- 93.26: 4 Week Low
Deutsche Bank Ag (DB) is getting destroyed today in Europe after German Chancellor, Angel Merkel, made it clear that the German government will not be assisting the bank. This “sneeze” is very likely to give all banks a cold which Lloyds Bank (LYB) showed in early morning FTSE trading.
Check Out: BAC, WFC, C, JPM