July 1, 2019
Hello there! Below is your edition of this week’s newsletter. We hope you have a great trading week!
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Current Futures
DOW:
+176 (+0.66%)
S&P 500:
+20.75 (+0.70%)
NASDAQ:
+89 (+1.16%)
BITCOIN:
-1495 (-11.87%)
GOLD:
+15.60 (-1.10%)
State of the Markets
Another wild week for the U.S. stock markets! The Dow Jones, S&P 500, and NASDAQ gained another 2.2%, while Treasury yields were down around 2%. This is attributable to positive trade war talks with China.
Let us not forget about Oil as well, up over 9% the past two weeks alone, as disasters in Iran escalated supply.
Bitcoin plummeted back below the $10,000 mark last week, after momentum faded away from Facebook’s ($FB) release of Libra, the company’s own cryptocurrency. We all know how volatile Bitcoin (as well as other cryptos) can be, but the 11% drop in /BTC futures show that maybe the world is not quite ready for this yet,
Be ready for another volatile (and exciting) week ahead, as investors are still bullish after the Feds hinted at rate cuts this summer.
Stocks To Watch This Week
$L
Loews Corporation ($L) is a Property & Casualty Insurance company in the Financial sector. Unlike other Financial stocks in the industry, Loews Corporation has a lower share float and adequate range, making it easier to day trade on a regular basis. The market gap up from last Friday morning created a nice trend-line that held throughout the day, but I expect we see some profit-taking out of the gate Monday morning. On this sell-off, I plan to dip buy this at the bottom of the gap fill, at $53.90. for the gap fill reversal pattern!
$CDMO
Avid Bioservices, Inc. ($CDMO) is a Biotechnology company in the Healthcare sector. This low-float penny runner had an impressive end to the week, after releasing an earnings beat on Friday morning. The stock price rose right at +40% after revenues rose 146% year-over-year, and had $32.1 million cash on hand to close out last quarter. It does not take much momentum to push the low share float stock to the upside, so expect breakouts to provide significant upside potential. I plan to day trade this over the $5.70 natural resistance for the technical breakout!
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