The markets had a small pullback yesterday while gold silver and the miners had a little snapback. Oil continued to struggle along with the energy names while the dollar also has a minor pullback.

While the markets do look a bit tired they have not gone parabolic. They are just consolidating absorbing the recent run. It is healthy action that is needed to build up some energy for the next move. The only question is which direction that move will wind up being. The IBB and IWM are my main focus because the action has been very impressive this week. The SMAH IBB and IWM all crossed areas of potential resistances and now we want to see those hold as support as we build up that energy.

If the markets struggle and we break below those areas of potential support then volatility, which has been non existent, may start to pick back up. We have had a lot of talking heads on the financial networks talking about the low level of the VIX and how typically @ these low volatility levels the market tends to take a tumble.

There hasn't been anything typical about this market! Just because that is typically what happens, it doesn't mean that it has to happen this time. We may just continue to grind and work the overbought conditions off through time. Complacency may continue which will be frustrating for the bears since there are so many that feel the markets are overdue for a day of reckoning.

Shippers which have been a sector that has been taking a beating for years.  Many companies in the sector look like they are on there death bed and just waiting for the vultures to come pick away at their remains actually showed some signs of life. There are a ton of low priced small float plays in the sector because many of the companies have done multiple reverse splits. The fundamentals for these companies remain extremely poor and even though they may have low stock prices they aren't cheap stocks. Be very careful with what you are playing with and understand that they climate for these companies remains very challenging. They may make great day trading opportunities but make sure you do a little due diligence if you are considering holding overnight.  DRYS EGLE TOPS GNK TNK STNG are just a few that come to mind.

Benzinga 15 Stocks on the Move Pre Market

Find out what's going on in today's market and bring any questions you have toBenzinga's PreMarket Prep.

Visa Inc (NYSE: V).

In Asia, Japan -1.1% to 16627. Hong Kong -0.2% to 21964. China -0.9% to 3013. India +0.3% to 27803.
In Europe, at midday, London +0.5%. Paris +0.2%. Frankfurt -0.1%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.2% to $44.83. Gold -0.5% to $1325.70.
Ten-year Treasury Yield +1 bps to 1.57%

Today's Economic Calendar
9:45 PMI Manufacturing Index Flash
1:00 PM Baker-Hughes Rig Count

Volatility                                                               OIL                                      Biotech

*PR = Press Release
KONE could we have a day two of craziness>?? Small China low floaters could be in play Early shorts have had a tendency to get trapped in these things lately Play appropriate size for the amount of risk you are taking Remember the party can end in these things in the blink of an eye

PBYI pr after the close last night gapping premarket flirting with a 40 roll

EYES pr after the close low floater in the right sector, Biotech potential 5 dolla holla don't chase it >can be a pop and flopper

SPEX this is a garbage stock recent reverse split (Which seems to be all the rage right now)  super tiny float had some unconfirmed  chatter yesterday> has had some pretty nice pops in the past if it can take out 2.50 with conviction maybe we get a 3 test

AMD sweet looking daily very thick stock reported earnings hot sector could get a 6 test and roll

FH potential continuation after a late day pop > full disclosure I have a swing in the stock love the new tech from the company trading below book value recent insider buys @ 2.35 a share

VLRS airline reported earnings could get a 19 test and roll > may be more of a swing type and the sector is under pressure so do not chase
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