Markets have flirted with a key resistance levels for the last 3 trading sessions without breaking through in any meaningful way. I expect the markets to drop today for 3 reasons.
1. Economic numbers out this morning indicate that the US trade deficit with China has actually grown despite the ongoing trade war.
2. Earnings season is starting, numbers are expected to show a slowing economy.
3. After 3 days flirting with resistance they failed to break through.
With that in mind I am being very selective about which trades I get into. I'm not going to force anything, but here is what I'm watching today.
INSG is up trending for the past several months. This is not terribly volatile so a swing trade is not out of the questions. If I get in, my stop will likely be around $5
FTK made a huge move but didn't move too much after opening up over 100% on Friday. I'll be watching to see if it can breakout or breakdown. It appears to be range bound between $2.50 - 2.80.
HYRE is an up-trending low floater. Good volume on Friday could continue today.
VTVT appears to be in consolidation and could surge upwards at any moment. This is another low floater I'm watching closely. I'll be looking to dip buy near $2.75 or $2.25 with the right pattern.
SAEX one more low floater that appeared to be in a short squeeze last week. I'm watching this but don't have a plan to get in at the moment.
Thanks for reading, happy trading!
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