May 28, 2019
State of the Markets
U.S. stocks finished lower on the week, even with Friday’s hefty rebound. In fact, the DOW fell for the fifth straight week, the longest since 2011. The ongoing fiasco between the United States and China held the markets down and created numerous short opportunities, which we were able to take full advantage of. We had huge trades on $BYND $ROKU $TSLA and $NFLX this week, finishing up a 5-day stretch with nearly $10,000 in profits! Oil suffered in a big way last week as well, posting its worse week of 2019 as investors worry about future tariffs. Investors showed us on Friday though that there is still some optimism in the markets, that there may be hope that we get some positive terms in the near futures, as well as continued corporate strength.
Penny Stock Picks
WRITTEN BY: CQB – Penny Stock Moderator
Workhorse Group Inc. ($WKHS) is an Auto Parts company in the Consumer Goods sector. This low-float penny stock got a lot of love last week, going from lows of $1.25 on Tuesday to highs $1.94 the very next day. Since then, it has sold off a bit, but still holding higher lows and forming a nice multi-day trend-line (see 5 day chart). Last Friday, it saw lows of $1.45 before grinding up to the $1.64 mark during after-hours trading. I plan to day trade this over the $1.65 natural resistance level for the technical breakout towards previous pre-market highs of $1.87!
Neovasc Inc. ($NVCN) is a Medical Appliances & Equipment company in the Healthcare sector. This micro-float, sub $1, penny stock went absolutely ballistic last week, going from the $0.45 range up to nearly $0.99. The parabolic move to the upside came after the company presented it’s case report of successful trial data in Paris last Thursday. The stock has sold off badly since then, as traders took profits just as quick as they came. Last Friday, it found a bottom at the $0.48 support level and now reversing. I plan to day trade this over the $0.56 natural resistance level for the trend reversal setup!
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