More FitBit Rumors Have The Wearable Tech Company’s Stock Soaring

Today’s FitBit rumor says Nike is interested in buying the company, or the device, or poaching employees.  No one is really sure, that’s what makes it a rumor.

See also: FitBit: The Form of a Winner Today $FIT

And this week rumors are facts and grounds to absolutely rip the pants off a stock [to the upside, of course, ONLY].

The stock is up over 10% so far on the session.

As awesome and amazing as rumors are, you know where you could objectively infer a move was coming in $FIT?  Why yes, Exodus–and its intuitive hybrid scoring mechanism, which saw a HUGE spike back on March 31st:

Speculative fever is running hot as mating season approaches and humans desperately turn to cyborg technology to aid in the toning of their hips and nips.

NASDAQ futures are set to enter Wednesday gap up after an overnight session featuring a trend up.  The globex print features and elevated range on normal volume.  Price continued to work higher, reaching prices not seen since April 6th.  At 8:30am Advance Retail Sales data came out below expectations.

See also: Advance Retails Sales Whiffs; Market Rallies

Also on the economic docket today we have Business Inventories at 10am, crude oil inventories at 10:30am, a 10-Year Note Reopening auction at 11:30am, and the Fed Beige Book at 2pm.

Yesterday we printed a double distribution trend up.  The first hour of trade featured selling.  It was fast, but just as we entered a string of market profile single prints [slip zone] a strong responsive bid came in and sharply reversed the price action.  From there price resumed its grind higher, migrating value up as the day progressed.

Heading into today my primary expectation is for sellers to work into the overnight inventory and test the 4500 century mark.  Look for responsive buyers (responsive relative to the open, initiative relative to yesterday’s close) who work to take out overnight high 4528.75 then set their sights on the open gap at 4535.  Responsive sellers up at 4538 then two way trade ensues.

Hypo 2 sellers work all the way into overnight inventory and close the gap down to 4489.75 setting up a test below overnight low 4486.  Look for responsive buyers down at 4477.75 before two way trade ensues.

Hypo 3 strong buyers push up through overnight high 4528.75 and close the gap up at 4535 early then sustain trade above it, setting up a move to target 4546.75 then 4570.

Levels:

Volume profiles, gaps, and measured moves:

USA Retail Sales, month over month, for March were -0.30% verse 0.10% estimate.  Prior was -0.10%.

Core Retail Sales for march were 0.20% verse 0.40% estimate.

Futures are shrugging the data off, as only Federal Reserve policy moves the market.  On that note, be ready for the 2pm Fed Beige Book today.

Let me begin by saying Kandi Technologies makes circus bikes and cars.  These are not real vehicles, by any stretch of the American imagination.

The typical Kandi electric vehicle looks like a SMART car hit with a shrink ray.

They also make 4-wheelers and scooters.  This is a Chinese fun-car company.

Now let’s look at their checkered quarterly earnings performance, courtesy of Exodus:

It looks like they peaked out at about a $13million dollar quarterly profit, back when China was all that and a bag of pork snouts.  Now China is stalling, stagnating even.

See also: IMF Reduces Global Growth Forecast by Nearly 6%

So when a pump piece, originating from a pump-looking site like this, pumps a stock like KNDI 2-3%, you know the end is nigh.

Shoot, Kandi Technologies has a rich valuation even for a burrito! Again, Exodus:

Scalp it or trade it quick, sure.  But RUN, don’t walk, away from KNDI or anyone trying to peddle off its offal equity.

The Chinese economy is no longer carrying the torch of global growth. No other country is stepping up to fill the void left behind by [often forged] China’s GDP stagnation.

As such, the International Monetary Fund was out this morning slashing their global growth forecast from 3.4% to 3.2%, the fourth such cut in the last 12 months.

In its latest World Economic Outlook, the Fund warned of widespread stagnation risk and said weaker growth could leave the global economy more vulnerable to shocks such as currency depreciations or worsening geopolitical conflicts.

The Fund called on global policymakers attending the IMF and World Bank meetings to take coordinated actions to boost demand with structural economic reforms, fiscal stimulus where possible and accommodative monetary policy.

Source: David Lawder, Reuters

 

Fed’s Patrick Harker, elitist banker from the land of cheesed steak sandwiches,  took to the podium at 9am and delivered a dovish message.

He said we should not take negative interest rates off the table, and that any further rate hikes ought to be suspended until we see signs of inflation.

There’s a novel thought.  However, Mr. Harker is merely an alternative voting member of the Fed in 2016, so his thoughts are useless fodder.

Market is unaffected and continues to chop and screw April option holders.

NASDAQ futures are coming into the session gap up after an overnight session featuring normal range and volume.  Price pushed lower, extending the weekly low, briefly before buyers stepped in and the market went back into balance.

On the economic calendar today we have a 4-week T-bill auction at 11:30am, 3-year Note auction at 1pm, and a Monthly Budget Statement at 2pm.

Yesterday we printed a normal variation down.  After coming into the week gap up, an early rally was faded and price went into chop before ultimately fading lower to end the day on session low.

Heading into today my primary expectation is for sellers to push into the overnight inventory and close the gap down to 4451.25.  From here look for a test below overnight low 4440.75 before responsive buyers step in and two way trade ensues.

Hypo 2 sellers close overnight gap down to 4451.25 then take out overnight low 4440.75.  Price continues lower and takes out 4428 trigger a fast liquidation trade down to 4402.50 before two way trade ensues.

Hypo 3 buyers defend ahead of a gap fill and work higher to take out overnight high 4472.75.  Look for responsive sellers ahead of the 4500 century mark and two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

Whispers of positive comments out this morning by Morgan Stanley put an early spike in FitBit.  On an otherwise quiet morning, moves like this are likely to gain momentum chasers attention.

Pair that with the insane hybrid spike last week in Exodus, and you have the makings of a runner.

Keep an eye on $FIT

NASDAQ futures are set to begin the week gap up after an overnight session featuring an elevated range on normal volume.  Price briefly took out last week’s low before a hard spike rotation took price higher.  Since then the action has been consolidating up above Friday’s MID.

There are only a few economic events to be aware of today–first are the 3- and 6-month T-bill auctions at 11:30am and second Fed Chair Yellen is meeting with President Obama at 3pm.

See also: Obama To Meet Yellen Tomorrow To Discuss Ways To Screw Wall Street

Last week price went sideways.  After we spent all of Tuesday consolidating a gap down, Wednesday featured a trend up which was promptly negated Thursday by a trend down.  Friday price opened gap up and faded lower, bouncing along the lows as we wrapped up the week.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4468.50.  Look for responsive buyers down near 4454 and two way trade to ensue, slowly working higher to eventually take out overnight high 4498.

Hypo 2 buyers defend north of the low volume node at 4477.50 setting up a move to take out overnight high 4498.  After a bit of struggle around the 4500 century mark price continues higher to test above Friday high 4509.75.  Look for responsive sellers up at 4523.75 and two way trade ensues.

Hypo 3 sellers close overnight gap down to 4468.50 then set their sights on overnight low 4446.50.  This triggers a liquidation move down to 4415.50  before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves: