June 25th Watchlist : Netflix in Focus as Economic Data Dominates Futures
The premarkets are bringing us a bit of a relief rally which bulls are quite excited about seeing as how the past few sessions have been riddled with negative sentiment. We have seen gap retraces quite often though after the market put in a reversal from the all-time highs several weeks ago. This could mean all the green you see across your sectors is only temporary and we'll experience yet another rug pull back down to the previous session lows. Can you trust it?
Durable Goods came out this morning at 8:30 a little lower than expected but the markets barely reacted to the release. We have Home Prices, Consumer Confidence & Home Sales on tap for the rest of the morning so be sure to watch for investor reaction on the futures.
Netflix (NASDAQ: NFLX) got a downgrade this morning and that's basically the only red name on my watchlist this morning. She's been rather bullish around these levels but is known to make some wild moves in the opposite direction of the indexes.
I would keep a close eye on the futures off the open to assess whether this premarket gap is real and has some legs. $159 on the SPY could be possible in which case you'd see plenty of names even higher during the morning session. Short opportunities could also be abound provided the rug gets pulled and people just give up entirely on the long direction.
GOOD MORNING YOUNG WORLD!
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