Market Overview

PreMarket Prep Recap, March 22: The Vice Index

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Did you miss today's PreMarket Prep? Here are some of the highlights from the show. 

Key Technical Levels

The following are some of the stocks discussed on the show. Co-host Joel Elconin offered technical levels. 

  • Nike Inc (NYSE: NKE) hit a pre-market low of $54.32, Whole numbers come into play after that, but traders should keep in mind the double bottom from February 7-8 of $52.67 and $52.70. 
  • Foot Locker, Inc. (NYSE: FL)'s Tuesday low of $72.40 is key. After that,there's potential air until the February 24 low of $70.37. It needs to clear the close of $73.45 to have any chance of a rally
  • FedEx Corporation (NYSE: FDX) hit a pre-market high of $198.55 and backed off but not by much. The only relevant levels on the upside are the all-time high of $201.57 from December 13.
  • Silver Wheaton Corp. (USA) (NYSE: SLW) moved higher on light volume off its earnings report. Note the three-day high of $20.63; after that it opens up to the February 27 high of $21.32. There's support at the close of $19.93.
  • Winnebago Industries, Inc. (NYSE: WGO) The Street leaned the wrong way heading into this report. It needs to clear a double top from March 17 ($29.95) and March 20 ($30.02). It needs to hold $29.55 (Tuesday high) for rally to continue.

Industries That Got Crushed Tuesday

  • Co-host Dennis Dick noted that, even though the financials have looked weak for a while, regional bank stocks like KeyCorp (NYSE: KEY) and Regions Financial Corp (NYSE: RF) took a particular hit on Wednesday. Listen to the full discussion here.
  • Dick also pointed out the continued slide in retail. L Brands Inc (NYSE: LB) was downgraded at Keybanc. "If you're thinking retail had already been beat up...they hit the retailers really hard again." He specifically noted Macy's Inc (NYSE: M), Kohls Corporation (NYSE: KSS) and Nordstrom, Inc. (NYSE: JWN) all had big down days on Tuesday. Listen to the full discussion here.

Moneyball Economics

How To Listen And Watch

PreMarket Prep is a daily trading ideas show with a focus on premarket volatility and technical setups. You can listen live and chat with our hosts, guests, and listeners every morning from 8-9 ET here or on YouTube Live. You can listen to the podcast on iTunes, Soundcloud, and Stitcher. The full recording of today's show is available below. 

Posted-In: Andrew Zatlin PreMarket PrepEducation Markets Trading Ideas Reviews Interview General

 

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