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.
Andrew Zatlin of Moneyball Econonmics stopped by the show to discuss his Vice Index, what it's telling him about overall consumer sentiment, and how it helps him forecast the market. Listen to the full interview with Zatlin here.
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.
See more from Benzinga
- PreMarket Prep Recap, March 21: We Haven't Seen A 2% Correction Since The Election
- PreMarket Prep Recap, March 20: Major Volatility At Friday's Close And Why Disney Is In For A Big Quarter
- Madness: CBS Sports Bracket Website Is Down On Its Biggest Day Of The Year
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.