November 25, 2019
State of the Markets
All buys, and all bulls sums up our markets over the last few weeks. This week wasn’t too much different as markets clocked in new all-time highs early in the week. However, Tuesday to Thursday were 3 straight red days from the S & P, which was the first time since early August. Markets are currently buying any and every type of headline. The euphoria has just continued to expand further and further. From a trade perspective with China, no new progress has been made, and it has come out that they liekly won’t make a deal this year. It also came out this evening that Phase 2 is not on anyones radar currently. But none of that seems to matter. With the Fed printing money, and massively launching qunatitative easing, as well as the 3 recent rate cuts, it’s hard for anyone to think of an idea to sell stocks. Those are the times you must be the absolute most careful
Stocks To Watch This Week
EyeGate Pharmaceuticals, Inc. ($EYEG) is a Biotechnology company in the Healthcare sector. This micro-float stock sky-rocketed on Friday morning, after releasing news that the primary endpoint has been met for their “Ocular Bandage Gel” product. The stock surging over 48% on Friday does not surprise me, as the share float is only 3.24 million. I expect any type of buying momentum to be amplified due to this fact, and plan to day trade this over the $7.50 natural resistance level for the gap fill breakout!
Alibaba Group Holding ($BABA) is a Specialty Retail company in the Services sector. This company is getting interesting from a technical indicator standpoint, breaking out of its 20-day downtrend and making higher lows. It did an incredible job of holding its $181 natural support level three times over the last three weeks, and the buying strength is returning to it after analysts upgraded the stock to Outperform on Friday morning. I plan to day trade this over the $187.50 natural resistance level as it breaks over monthly highs!
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