July 2nd Watchlist: Amazon in the Spotlight

Futures turned red during the premarket session today most likely due to weakness in the European markets. Major newswires are citing comments from a UBS strategist stating that the recent sell-off was an overreaction. Technical traders are all pounding the table that sellers are still in control and we could experience yet another rug pull on the indexes. Consequently, you’d see an aggressive sell-off in just about all the names we trade here on a daily basis.

Factory Orders will be coming out at 10 AM but I doubt that is a market mover. Tomorrow & Friday, we’ll have some guidance from several economic reports so hopefully the trade will be easier to spot. Internet/Tech names are holding up well despite the negative sentiment this morning but that could just be temporary before the SPY drops below $161 and really starts to sell. Anything could happen!

I’m currently holding a rather large position in Amazon AMZN long and slightly worried about the situation considering how the futures are acting this morning. Today is going to be quite a ride for me so check back for this evening’s trading update!

Also make sure to stick around after the close for our webinar on the official launch of our new options educational service: Trading On The Go!

GOOD MORNING YOUNG WORLD!