"History repeats because of the weakness of human nature. The greed for quick fortunes has cost the public countless millions of dollars. Every experienced stock trader knows that over trading is his greatest weakness, but he continues to allow this weakness to be his ruin."
WD Gann
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Good morning
Equities have struggled this week and throughout this earnings season even though we have seen some really strong numbers and guidance from the bulk of the earnings that have been reported. It is looking like those earnings were already priced in and in some cases the equities were over priced relative to their earnings performance. There are several sectors that continue to struggle and are testing significant areas of potential support or key moving averages. We have had the caution flag waving and the action has been very choppy as the bulls and bears continue to battle. Who will take control along with where and when the battle ends is anyones guess. Until there is a clear winner we need to be vigilant in our approach with clear trade plans, defined risk reward, appropriate position sizing and patience.
Traders and investors will be focused on todays job numbers looking for signs of increased wage inflation which is assumed to keep the Fed on the path of gradual rate increases.
In pre market trading equities are slightly lower with BABA earnings on deck. The dollar and oil are both up slightly while gold is basically flat.
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IPOs Expected Today From BayCom, Carbon Black, Construction Partners, and Spirit of Texas Bancshares
BCLM CBLK ROAD STXB
This mornings stocks to watch
1. MEET Q1 EPS $0.05 Beats $0.02 Estimate, Sales $37.6M Beat $34.17M Estimate raised guidance potnetial red to green play after taking out long term trend line yesterday with good volume
HAIN significant options activity speculation of being a take out candidate earning on the 8th at an area of potential support for a bounce play on the weekly time frame
P Shares Up 7.8% Following Q1 Earnings, Q2 Guidance From $360M-$375M vs $372M Est. good earnings beat and guide there is a gap to fill in the 7 range on the daily could be potential swing or day trade opp depending on price action
HMSY HMS Holdings Q1 EPS $0.22 Beats $0.15 Estimate, Sales $141.425M Beat $130.25M slight gapper in premarket testing a longer term trend line could be a day trade or swing opp on a pull to potential support
BABA Alibaba Group Holding Q4 EPS $0.91 Beats $0.88 Estimate, Sales $9.873B Beat $9.27B Estimate
Alibaba Sees FY19 Rev. Growth Of Over 60% YoY gapping premarket do not chase more of a swing or long term hold play for me but could have some range today already ran into earningsAPDN Applied DNA Sciences (NASDAQ:APDN) reported quarterly losses of $0.07 per share which beat the analyst consensus estimate of $0.12 by 41.67 percent. This is a 46.15 percent increase over losses of $0.13 per share from the same period last year small floater trades thin do not chase could be a day trade opp with intra day setup > tends to be a pop and flopper do not chase play size appropriate
AAXN love the daily setup earnings are next week on the 8th Axon Deal For VIEVU Included Cash, Stock, Stock Earn Out; However, Specific Terms Were Not Disclosed Axon Acquires VIEVU Camera Subsidiary from The Safariland Group and Announces Strategic Long-Term Holster Partnership Small float love the daily setup could pull back and present a swing or long term hold opportunity
WTW Raises FY18 EPS Outlook From $2.40-$2.70 to $3-$3.20 vs $2.57 Est. earnings beat small floater with a big short interest on its way to testing all time highs could be a day trade opp with intra day setup or a swing on a pull to price support
PTLA FDA Approves Portola Pharmaceuticals' Andexxa, Antidote for Reversal of Factor Xa Inhibitors gapper could set up intra day for a day trade
AKAO positive article out on it this morning potential day trade opp do not chase could stand to raise capital soon
May 4th Pro Pre market prep with stocks to watch for trading and investing from Alpha Wolf Trading on Vimeo.
Today's Economic Calendar
8:30 Non-farm payrolls
12:45 PM Fed's Williams Speech
1:00 PM Baker-Hughes Rig Count
8:00 PM Fed's Kaplan speech
8:00 PM Fed's Bostic speech
8:00 PM Fed's George speech
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