Market Commentary And Chart Reviews For Monday, June 2 2014 - ECB In Focus. $IBB, $PGNX, $QQQ, $SPY, $OREX, $HALO reviewed. ECB meets on Wednesday. Rate cut expected along with minor credit easing. I do not expect any talk of a EuroBond this early. If there is a surprise on that front, then the market will have a nutty rally. It's more likely after Wednesday, the $SPY gets sold off and fills the gap at 190.40 range.
$PGNX looks good to hit the $4.40 range before Wednesday in my opinion. $OREX chart running into a ton of resistance, will need new money to meet our price target this week. This is main reason I sold remaining shares on Friday.
$HALO might have a nice risk/reward profile trade moving forward from here, so we have that one on watch.
I see first half of week slighly up and $SPY hitting over $193, then a potential pull back later in the week to the gap area as mentioned above. Enjoy the video!
Scott
