Good morning
Equities are slightly lower in premarket along with the dollar as gold and oil are both up just a tad. There is some saber rattling coming out of North Korea and that could make the markets a bit nervous heading into the weekend. North Korea threatened to detonate a hydrogen bomb in the Pacific Ocean to put a damper on the first day of fall in the Northern Hemisphere. The warning from Pyongyang follows sanctions from the Trump administration on the regime.
OPEC has a meeting today primarily to focus on compliance and supply cut extensions traders will likely be looking for any comments or signs to potentially trade off of.
Excitement is building in Macau for the Golden Week holiday. A channel check by Deutsche Bank indicated strong booking trends ahead of the holiday which runs from October 1 to October 8. Investors hope the bookings translate into more casino traffic as several new resorts host their first Golden Week and look to bounce back from the typhoon lull. Keep an eye on MGM Resorts (NYSE:MGM), Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:WYNN), Melco Resorts & Entertainment (NASDAQ:MLCO)
Friday's economic calendar
6:00 Fed's Williams Speech
9:45 PMI Composite Flash
10:00 Atlanta Fed's Business Inflation Expectations
1:00 PM Baker-Hughes Rig Count
Source Seeking Alpha
With the weekend approaching and the saber rattling from N Korea it would not be surprising to see the markets weaken further as people get defensive or lock profits. Keep an eye on LABD TVIX UVXY TZA for potential scalp opportunities.
Stocks on the radar this morning
1. UNIT potential swing recent insider buys, seeking alpha article, high dividend yield, approaching price support
2. CNSL another potential swing nice dividend recent insider buys potential price support
3. GE + seeking alpha article looking to start a long term hold position just a small starter New CEO looking to sell off non performing divisions and making appropriate cost cuts
4. SPPI potential bounce play day trade opp
5. NVFY potential red to green continuation move break over 200 day sma and 2 test
6. ALQA penny play potential scalp opp on a red to green
7. BSPM potential red to green day trade opp after pop yesterday
8. CYCC another potential day trade red to green continuation
9. QURE looking for red to green pull to 9 for potential bounce could be higher risk swing or day trade with volume
10. REV activist investor small floater could be a higher risk swing play 17.00 -16.50 could be target entry on a pull potential day trade on high volume break over 50 sma
11. MBRX nice daily potential day trade or higher risk swing early stage bio look for volume
12. VLRS potential swing beaten up sector looking for a trendline break with volume short term swing value play but sector is very weak right now
13. OCRX potential day trade red to green play just a scalp look for continued high volume do not chase
In times of uncertainty it is even more important to make sure you have a plan for each and every trade or investment you take. That is what we teach at Alpha Wolf Trading we focus on knowing your risk reward and identifying your stops and your targets before you take the trade. Regardless of your time frame or style of trader/investor you may be. If you are having a difficult time with trading and investing and you are tired of trying to follow others into their trades & experiencing poor results. Join the pack & Alpha Wolf Trading and learn to find, define and execute your own trading and investing plans.
Have a plan, know your risk reward and never chase.
Best of success
Email me @ Tim@alphawolftrading.com if you have any questions I am always happy to help others.
