"Price lies all the time. Facebook can be valued at $40 billion and then $20 billion and then $200 billion inside of a four-year period of time. Which of these prices is the truth? None of them. But all of them were momentarily true, until they were rendered a lie, and a new truth was forged in the fires of the marketplace. Sunrise, sunset. Prices change and, with them, the truth itself."
-Josh Brown
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Good morning
Biotech and health care could be sectors to keep an eye on today as Trump is set to give a speech on drug pricing later today.
We have had a nice week with equities being up over the last 6 trading days. However, there are still caution flags in some sectors and indexes. We have potential price resistance and moving averages to contend with. A pause to refresh may be in order.
The strongest sectors have been energy, tech, and small caps. We are testing potential price resistance near all time highs for the IWM and we have a few short term overbought conditions/indicators.
Oil and energy names have held up extremely well and could continue to run higher as well but there is no need to chase. Be patient and wait for your ideal setup. Oil is down slightly in premarket and it would not be a surprise if it were to consolidate in this area for a bit.
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Friday's economic calendar
8:30 Fed's Bullard: U.S. Monetary and Economic Policy
8:30 Import/Export Prices
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
Stocks on the radar
1. SFUN nice looking setup on the daily Solars are on the radar after California's new home solar policy potential flat top break out
2. SN energy name that could be starting a new trend potential 4 test and roll day trade or higher risk swing
3. UTSI nice looking daily reported earnings small floater thin trader do not chase with volume could be day trade opp
4. MOSY earnings beat gapper Q1 EPS $0.06 Beats $(0.04) Estimate, Sales $4.208M Beat $3.95M Sees Q2 Sales $4.30M-4.50M vs $4.19M Est look for intra day setup potential day trade or higher risk swing small floater
5. AKCA gapper off FDA panel nod Up 14% Premarket, Ionis Pharma Shares Up 3.3% Following Release Late Thurs. Showing FDA AdCom Panel Voted In Favor Of WAYLIVRA For Treatment Of Familial Chylomicronemia Syndrome look for intra day setup small float super thin trader do not chase
6. TTD earnings beat gapper Up 20.0% After Hours Following Q1 Beat And FY18 Guidance Raise; Co. Issued Upbeat Q2 Guidance gapping right into resistance small floater testing all time highs look for intra day setup could also be a swing candidate on a pull to support
7. CLNE pr yesterday and earnings after the close could be a day trade opp but tends to pop and flop > lots of debt already had a nice move into earnings look for a pull to 2 for potential support
8. CECE potential red to green follow through day after nice move off earnings yesterday
9. QURE great looking setup on the daily a break over 33 could send it small floater but trades decent volume
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