June 17th Watchlist

Futures are up nicely this morning, off anticipation that the FED will ease concerns about an abrupt ending to the current QE programs. FOMC minutes are scheduled to be released on Wednesday afternoon and it is a possibility that market participants buy in front of the meeting. Remember though, every time the markets have gaped up like this in the past week or so we've sold right back down into negative territory. Both long and short bias traders have been getting hurt in this market so be careful not to get too sold on your theories because the market may just continue on its choppy path.

Netflix NFLX is looking at a sharp gap up this morning after news surfaced concerning an original programming deal with Dreamworks Animation DWA. Some examples of their big movies are Kung Fu Panda, Shrek and Madagascar.

Empire Manufacturing came out earlier this morning better than expected and we're also waiting for Home Sales figures to come out at 10 AM. Be sure to watch for a reaction from the futures off the open and assess what kind of sentiment we're going to have for the week. A rally above $165 on the SPY could signal some solid buying activity back towards our all time highs.

I will still be looking to trade lightly and will continue to wait for the conviction on the tape needed to justify large position sizes.

GOOD MORNING YOUNG WORLD!