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 for which co-host Joel Elconin offered technical levels.
- With news the company set a new delivery record in the
first quarter, Tesla Inc (NASDAQ: TSLA)
is up. After hitting a pre-market high of $289.60 the stock has a big psychological level of $290, and is up near its all-time
high of $291.42 from September 4, 2014.
-
Under Armour Inc (NYSE: UAA) has support
around $18 and a series of highs at $22, so watch for a breakout or breakdown above or below either of those numbers.
-
Kite Pharma Inc (NASDAQ: KITE) has
former resistance at $80. The pre-market high for Monday is $84.87 high, if it gets back there expect sellers again.
Lenore Hawkins, the chief macroeconomist at Tematica Research and author of EllesEconomy.com joined the show to talk about what economic indicators she places the most
emphasis on. She said she likes to keep it simple.
"The economy grows based on two simple things: the labor pool and productivity. For the labor pool to grow, people either have
to work more hours, or you have to have more people working. We don't have a whole lot of growth when it comes to that," Hawkins
said, noting the labor pool is growing at the slowest rate in decades. Listen to the full
interview 10 minute interview with Hawkins here.
Tommy Lackey, the managing partner and portfolio manager at Relativity Capital Advisors, also stopped by to discuss the stocks
on his morning scans. Among the ones he mentioned:
-
Lululemon Athletica inc. (NASDAQ: LULU): "To me this is the 'Look both ways' play. If you want to take one side
of the other, you have to wait until it breaks above or below Thursday's range.
-
Chipotle Mexican Grill, Inc. (NYSE: CMG):
"I would like to see it consolidate for a few days to a week. If it breaks out from here I think you could give it a small
shot, but I wouldn't give it a full position after a 5-day run."
-
Rice Energy Inc (NYSE: RICE): "It's come
off these lows pretty strong right up to its 250-SMA. It's been sideways for the last three days, so I kind of see where you
can play it over $24 or if it wants to pullback and test that breakout at $21.50-$22 I'd pay attention to that as well."
Hear all of
Lackey's technical levels here.
How To Listen And Watch
PreMarket Prep is a daily trading ideas show with a focus on
pre-market volatility and technical setups. You can listen live and chat with our hosts, guests, and listeners every morning from
8-9 a.m. ET here or on YouTube Live. You can listen to the podcast on iTunes, Soundcloud and Sticher. The
full recording of today's show is available below.
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