Daily AM Prep - May, 21

** Preparation for Morning Session**

MARKET CONDITIONS

World Markets News: Asian markets finished mixed as of the most recent closing prices. European markets are mixed. 

Economic Calendar

SPY - Will the expected correction come today? World markets are mixed, so there is a greater chance for that to happen today. No big news to be released. So here are the possibilities I see:
1 - Market making a new high and continue the up move.
2 - Market making a sideways move as it did between 05/08 and 05/13 - this would be still a bullish consolidation, since we are still in the up channel
3 - Market makes a stronger move down, testing the base of the channel at 165.00 / 164.50
Due to it´s strong behavior lately, I believe the 2 scenario is the most likely to happen today, and will be the expected one.
A bearish bias will only come if the up channel is broken down and it hold below it
Bias: Neutral Bullish
Accuracy: 80%

AM Stock Selection Sheet download
Updated at 8:00

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Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00