Happy Sunday
It was a brutal week for the bulls and equities as the markets experienced some intense volatility and fear took over. We managed to close the week with an up day on Friday as things snapped back from some extremely oversold conditions but the question is whether that was the beginning of the markets trying to find a short term bottom before we resume the bull market uptrend or could we just be looking at a dead cat bounce as the markets begin a new trend for the bears. I do not know the answer and I can tell you that nobody knows with certainty where the markets will be heading over the next few weeks or months. What we do know, it that there is some intense fear out there. Great companies and stocks that are being pulled down with the markets and it could be creating tremendous opportunities for patient investors and traders.
This is likely going to be a volatile week for the cannabis sector as Canada goes recreational legal on the 17th. There will be all kinds of headlines and press about the event. We will find out if it turns out to be another catalyst to move the sector higher or if it winds up being a sell the news event.
The markets have sustained some significant technical damage and there is no reason to try and be a hero by getting overly aggressive in this market environment. Plan your trades, identify areas of potential support and resistance and look for the best risk reward setups. Size your positions with a cautious tone and let the markets work themselves out. We have a good blend of earnings ranging from financial, tech, industrial and health care this week. Earnings could set the tone for where we are headed near term but don't be surprised if there are some head fakes along the way.
** Please enjoy this weeks Free Pro member video and if you like what I do consider becoming an Alpha Wolf Pro member for only $197.00 a year.** https://www.alphawolftrading.com/membership
Earnings Calender for next week
Source www.earningswhispers.com
Briefing.com Economic Calender for next week
Source https://www.briefing.com/investor/calendars/economic/2018/10/15-19
*Pro Member stocks to watch from last week and their performance for the week *
Look at the TRK % column some nice winners in a tough week for the markets
