Good morning
The equity markets are bouncing slightly in premarket after yesterday’s pullback where we saw some key technical levels broken in several sectors and we closed at or near the low of the day. We have not had any kind of significant correction in quite a while so as we head into what is typically the worst seasonal time for the markets it would not be shocking to see the markets continue to reset a bit. I am not suggesting that we are going to see a full-blown crash and a bear market but I have been telling the pro members of Alpha Wolf Trading for the last several weeks that if you have profits in your swing or long-term hold account it would not hurt to lock some profits and raise some cash so you have some powder dry to take advantage of any significant pullback that will ultimately create buying opportunities in good companies.
Earnings season has been strong but there are several things happening that are creating an environment of uncertainty and Wall Street hates uncertainty. We have options expiration today and that may add to the volatility and most certainly will add to the volume. This is a good time to be cautious as the markets are currently guilty until proven innocent. The markets need to repair the technical damage for the caution flag to be removed.
In yesterday’s pre-market prep we focused on volatility and bear ETF's for potential day trade opportunities and I expect that we could see more of the same today. I will be looking for a red to green in things like TZA LABD UVXY TVIX SPXS
- OPK 20 dollar price target Cantor Insider buys potential day trade or higher risk swing on a pull to support
- MNGA penny play potential day trade opp do not chase
- DCTH penny play potential day trade follow through day look for intraday setup
- PNTR upgrade 19.25 price target look for a pull to support thin one do not chase potential day trade if there is enough volume or a swing on a pull to support for a bounce but high risk because of how thin it trades and the low flat
- REV potential bounce trade Perlman buying in this price range thin stock potential day trade with volume or swing on pull to support and potential double bottom test
- DYN utilities considered a defensive safety type trade insider buys sector looks good and DYN flaggin just over a cluster of moving averages. Full disclosure I took a swing yesterday in DYN
- MRNS potential day trade on a pull to support
Aug 18th 2017 Pro Pre market Prep with #Stocks 2 watch 4 #Trading & #Investing from Alpha Wolf Trading on Vimeo.
Don't chase, have a plan, know your risk reward and be patient. Best of success today.
Global markets lower following a negative close overnight on Wall Street
Japan -1.18%.
Hong Kong -1.08%.
China +0.01%.
India -0.85%.
London -1.04%.
Paris -1.03%.
Frankfurt -0.83%.
Friday's economic calendar
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
