“In the long run, it’s not just how much money you make that will determine your future prosperity. It’s how much of that money you put to work by saving it and investing it.” Peter Lynch
Next week could be a big week for equities depending on the reaction from some cabinet moves being made by the Trump administration and the first FOMC meeting presser with Jerome Powell and potential for an interest rate hike. We have commerce secretary Wilbur Ross presenting before the house ways and means committee so there will likely be more tariff related news and headline risk. We end the week with the IPO market heating up with Dropbox pricing this upcoming week on Thursday.
Technically we saw a consolidation week last week with not a lot of range and choppy action. We have been working off some short term overbought conditions. We have held up relatively well and the bulls have been maintaining control. For some indexes like the QQQ and SMH we will see if what was resistance will now act as support. For the IWM we may find out soon whether we are putting in a double top and for other indexes like the SPY, XLF and XAR we will find out if the 50 day moving averages will act as support for a bounce.
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Highly anticipated earnings for next week
Source Earnings Whispers
Economic calendar for next week
Four stocks to watch from this weeks Pro member video
Potential day trade opp may have earnings coming up soon looking for a 3 test and roll with volume
Great looking daily setup could be a swing or long term hold consideration or a day trade wit a high vol breakout A pull to 7 could be ideal entry for a swing
At resistance could be looking for new 52 week highs day trade on break with volume potential swing on pull to 11 potential support
This weeks penny play I like the setup for potential 1 roll recent insider buying by CEO from .67-99 cents in 2018 could be a higher risk swing or potential day trade with a break over 1 with volume
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Source Bloomberg
IPOs expected to price: Dropbox, Sunlands Online Education Group (Pending:STG) and PolyPid (Pending:POLY) on March 22.
Analyst quiet period expirations: Farmmi (FAMI) on March 21.
IPO lockup expirations: Best (NYSE:BSTI), Zai Lab (NASDAQ:ZLAB), Celcuity (NASDAQ:CELC), Krystal Biotech (NASDAQ:KRYS), Despegar.com (NYSE:DESP) on March 19; TDH (NASDAQ:PETZ) and Oasis Midstream Partners (NYSE:OMP) on March 20; Secco (NASDAQ:SECO) on March 21.
Source Seeking Alpha
*Bonus Stock to watch *
Has Dropbox and Spotify positions could benefit from upcoming IPO's look for a run into Thursday off potential support bounce
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