Morning Thoughts June 22

Instead of going into too much detail this morning let me get right to the point; while yesterday’s sell-off got the S&P 500 to initial support near 1325, it is the ugly daily candle that concerns me.  As such I will likely short some SPY this morning for a bucket 2 trade in the hopes for follow-through weakness in coming days.  I will post it on the blog in real time.

For more details please watch the morning video.

Volume on the NYSE yesterday was up from earlier this week but more or less just about average as noted by the orange line.

Oil is at a key level…anything below here and it could accelerate lower quickly.

German PMI at a three year low and German business confidence at a two year low.

Defensive stocks like healthcare albeit hit yesterday are on my radar for potential relative strength.  The XLV etf above $38 is a long setup.





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