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Good morning
Equities managed to close out the week strong on Friday even with the uproar about a potential trade war with our allies after the Trump administration imposed tariffs on Canada, EU and Mexico. The jobs number set the tone on Friday as it painted a picture for a very strong economy in the U.S.
This week in the live chat room one of the pro members was on fire with his calls on some recent IPO's like BILI, IQ and SE. Admittedly IPO stocks are not one of my better strengths when it comes to trading but the opportunities were there and Russell made some fantastic calls that a few of the other members benefited from. Alpha Wolf trading has members that trade options, members that trade crypto currencies, members that trade futures, members that trade ETF's and one member that has a special liking for IPO's. We have a live chat room with open mic so all the members are able to share their trading and investing ideas. It isn't just about me and my trades its about learning from one another and finding the style that suits you best. I love the community of traders we are building and the way we interact. My vision is coming together. I am not trying to get rich selling memberships. It has never been about that for me. Its about building something different and special to help as many people as possible get involved in the stock market and start investing for their future with a service that provides education, social engagement, and idea generation for a modest price.
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June comes in second as the worst month for equities historically. With midterms around the corner, the current political climate on trade and the end of earnings season we could see some volatility come back into equities until the next earnings season begins. Many of the indexes/ sectors have been in consolidation mode for the last several weeks. just because June is typically a poor month for equities in the past does not mean June will be a poor month for equities this year. Technically we are testing some areas of potential resistance in several indexes and we are overbought in a few sectors but we are also attempting to break out into new all time high blues sky territory in others.
Online retailers could be in play this week as SCOTUS could render a decision on if states can impose taxes for online sales regardless of whether or not the retailer has a physical presence in the state. Biotech is another sector that is likely going to be active with the ASCO annual meeting taking place this weekend wrapping up on Tuesday. There have already been some headlines from the event and I would expect more over the next couple of days. Apple also has their annual developers conference starting Monday which could provide some catalysts for the tech sector. Specifically the artificial intelligence, virtual and augmented reality space could be one to focus on.
Sectors to keep an eye on
IWM small caps have been the leader recently and one of the sectors flirting with blue sky territory
QQQ tech has been another area of strength on the verge of testing blue skies and with the AAPL event this week we may see some follow though
SMH Semiconductors Broke the recent short term downtrend and consolidating not far off from testing all time highs but will it be a potential double top or will we be able to make new all time highs?
IBUY online retail ETF testing blues sky all time highs watch for the SCOTUS ruling it could provide a catalyst in either direction FYI this is a very thinly traded ETF
XRT Retail same scenario as above surprisingly close to a potential all time high test the SCOTUS ruling will likely have an impact
IBB Biotech has been one of the worst performing sectors just broke above a short term down trend line with ASCO we could have some catalysts to give it some follow through
SPY SP500 consolidating looking for a break with authority over the 275 area and a test of the 280 area
XLE Energy potential short term double top however we have Hurricane season starting and that could create a lot of volatility in the commodity space. Offshore drillers could be negatively impacted but Oil itself could rise if we have any significant production drops
XLP Consumer Staples without question one of the worst performing sectors recently but I continue to look for signs that the bottom may be near as the XLP sits on potential long term support
Sample of stocks to watch for next week from this week Pro member video
$DGLY $HIMX $STG $APPN $SCWX $MRK
Highly anticipated earnings for next week
Source Earnings Whispers *
Economic calender for next week
*Source Bloomberg
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