Markets had a nice bounce on Friday after a fairly rough week where the new Fed chair gave his semi annual state of the economy on the hill and the Trump administration announcing steel and aluminum tariffs that may be finalized sometime this week. If the tariff happens and we get some retaliation form other countries the fear of a full blown trade war could hit the markets hard.
Earnings season is winding down but there are still some companies reporting this week that could be in play. There in not a ton of economic data this week but we do have a very important jobs number on Friday where the focus will likely be on the average hourly earnings number for signs of wage inflation.
Technically we have made short term lower highs in several indexes like the SPY, IBB, IYT and the IWM. On the QQQ and SMH we put in what appears to be a short term double tops. What we will be watching for this next couple of weeks is to see if equities put in a higher low or if they retest the recent lows. There are enough concerns out there to potentially keep volatility levels high so it is important to have a plan for every trade you take. Always know your time frame for the trade (day, swing, long term hold), reasoning for taking the trade
(press release,earnings beat, technical setup, value play), identify your risk reward, set your targets and stop levels. In times of increased volatility consider adjusting you position sizing to make your trades more size appropriate for the current volatile trading environment.
Changes are coming to Alpha Wolf Trading. We are working on the final details > keep an eye out for an exciting announcement in the next week or two.
Highly anticipated earnings next week
Source Earnings Whisper
Economic calendar for next week
Source Bloomberg
Four Stocks to watch off this weeks list for Pro members stocks to watch video **
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