Good morning and Happy Cinco De Mayo!
Markets are looking basically flat as the reality that the repeal and replace health care bill is likely months away from getting through the senate which pushes tax cuts and reform somewhere into the distant future far far away. That may be the case and only time will tell if any of this winds up becoming reality. The more significant potential catalysts for the market are todays employment numbers and the election in France this weekend.
It would not be shocking if we saw some positioning to reduce exposure of equities heading into the weekend.
Oil continues to be extremely weak and that weakness could continue as we await a decision from OPEC on extending production cuts, which likely won't happen until the 25th of this month.
Gold is gapping this morning and that could be part of the positioning I just mentioned in relation to the big election that will take place in France this weekend. There may be day trade opportunities in the space GDX GDXJ JNUG NUGT and keep an eye on the dollar UUP. Do not chase the gap up and I would only be looking for a day trade opportunity in the space. I will also be paying close attention to volatility TVIX and UVXY for the same type of opportunity.
Have a plan for every trade you take.
Be careful out there and have fun on this Cinco de Mayo weekend>>>Mas Tequila por favor. lol
I will be back with the market wrap and sector watch video later this weekend.
- ZFGN PR day trade only . gapper do not chase early stage phase 1
- LPTH Earnings beat potential day trade swing trade and long term hold consideration
- KTOS earnings potential swing or long term hold on a pullback to support
- CBMX VERY low floater play it size appropriate. Potential day trade opp with good liquidity
- SWIR Earnings beat gapper potential day trade or swing off a good setup
- ZNGA 3 has been resistance could be a swing thick stock looks for a pull to support Upgrade this morning
- NAK Sector is not hot right now could be a day trade off PR do not chase
- HDP day trade off earnings do not chase look for a pull to support
- MTZ Love the weekly chart on this one more of a swing prospect for me but coulbe a day trade or long term hold consideration as well
- WIFI Day trade potential bounce off 12.50 or 13 potential price suppor
- CTRL Potential day trade or swing opp off earnings
- IMGN gapping off earnings potential day trade opp
May 5th 2017 Free Friday Premarket Prep from Alpha Wolf Trading on Vimeo.
