"Your success in investing will depend in part on your character and guts, and in part on your ability to realize at the height of ebullience and the depth of despair alike that this too shall pass."
-John Bogle
Good morning
Let me start out by wishing all the fantastic moms out there a wonderful mothers day.
Earnings season is winding down and the economic calendar for next week is relatively light on reports or events that could impact the markets. Retail could be a sector that gets some action as we have Home Depot, Macy's, Walmart, and JC penney reporting along with the retail sales report on Tuesday.
The other sector that will have my attention this week is Biotech. The IBB has been one of the sectors that has really under performed this year and after Fridays speech from the POTUS on drug pricing, the index had a nice bounce with the market possibly thinking that it wasn't as bad for the industry as it could have been. The other thing that has me wanting to pay close attention to the sector if the overwhelming amount of stocks in the space with really good looking technical setups. Even with the recent market and sector weakness there are many stocks in the space that have held up really well while building out some great looking technical patterns.
Along with those to sectors I will be keeping an eye on energy for potential rotation, several stocks that have earnings this week and of course that stocks form this weeks watch list.
This week I am only giving out a few names from that list in this weeks video and the rest will be going out to the Pro members of Alpha Wolf Trading.
Taking a look at sectors and indexes (after a nice 6 day run) it would not be shocking if we were to consolidate a bit or pull back. If we do pull back, estimating how far or deep it will be is just a guessing game, all we can do is looks for areas of potential support either moving averages or areas where there is price consolidation.
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XRT (Retail) is coiled up looking for a break one way or another that direction could be determined this week.
IBB (Biotech) as been one of the weaker sectors however after Fridays bounce it is testing the 50 SMA and could get up into the 110 area before finding some trend line resistance
IYT (Transportation) broke a short term trend line and reclaimed the 50 day but it could be coming up on some price resistance near the 195 area
QQQ (Tech) FANG has been lifting the tech index however we could see some price resistance in the 170 area
SPY (SP500) reclaimed the 50 day and has crossed a short term trend line could find some price resistance in the 275 area
XLI (Industrials) did manage to reclaim the 50 day MA however it is right at potential trend line resistance.
IWM (Small Caps) Have been the leader and are sitting at potential price resistance with a triple top we could be looking at t a potential flat top break out but it would be good to see us consolidate here and build up some energy before breaking out
Last weeks list of stocks to watch and their performance for the week. There were some nice winners and a few losers off of disappointing earnings.
Get the full list of stocks to watch for next week and become a member of the Alpha Wolf Trading family.
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This weeks sampling of stocks to watch for trading and investing
$MZOR $BZUN $WOW $SGRY $AAC $HD
Highly anticipated earnings
Source Earnings Whispers
Economic calendar
Source Bloomberg
