Let's start the watch list with a big WARNING. Crypto currency stocks will not end well. Every one wants to get in on the frenzy there is no doubt. And like most traders I am happy to day trade them if the pattern offers a good entry. But, I would not be looking to hold any of these stocks over night as you just never know what will trigger a big sell off. And when they come off, it will come off hard. Every indicator points to a bubble and one day the bubble bursts. Just make sure you are on the right side of that trade.
Huge move on Friday the indices on Friday. The NDX blew through the double top and mane new all time highs. The secular bull market continues to make new highs and looks like it has a lot or room to move yet. Transportation had the big pullback and now has moved up 1000 point in the last month or so. Trannies look to be in the late stages of the 5th wave move but the chart is very bullish. But Trannies are confirming the Dow Industrials move to new highs giving Dow theorists another buy confirmation. Just as a point of interest, the UVXY (split adjusted) has come down from over $356,000 to $10..... Remember, the trend is your friend
Russell 2000 (IWM) made all time new highs a few weeks ago, pulled back sharply but on Friday bounce sharply off of support and out of the wedge formation.
Semiconductors (SMH) took a big plunge but seems to be firming in here. On Friday it had a nice reversal but the chart isn't telling me a direction one way or the other.
The financials (FAS) continues to be a monster. They are trading at the top of the intermediate channel but a blow off in this market could take it much higher to the top of the long term channel.
Biotechs (LABU, XBI, BIB) are in a tentative zone at the moment. They are approaching the lower end of the up trending channel and are currently in a down trending channel. They are not being dragged along with the rest of the market (maybe everyone is selling biotech to play bitcoin (just kidding)). We'll see how this puzzle resolves over the next few weeks.
Gold (GLD) is just not ready to do anything. It has broken the trend line and cannot rally above resistance. Eventually it will come but not now so no trades for me.
ABEO: Stock has been basing in here for the last few months and on Friday broke above the down trending tops line. Stock tested resistance at $17.65 and then pulled back. Definitely one to watch next week as a break over $17.65 and we should head back to $20.00 and then $22.00.
ACBFF: One of the top two pot stocks from Canada. Very strong chart. Stock is in a bull coil and a break to the upside should put this stock to $9.00 and then $16.00.
CBIO: In a strong up trending channel almost up every day for the last month. It is at the top of its channel and approaching resistance at $11.00 But, if it breaks through those resistance levels look for a quick move to the $18.00 range.
CNCE: Stock has broken out into all time new highs. The top of the channel comes in around $33.00. Support at $25.00 so should be a good swing with a close at $26.62.
FRTA: After being crushed last summer the stock has moved above the base it built and is in a new up trending channel. On Friday the stock popped and traded through lateral resistance and traded as high as $10.89 closing at $10.83. I would look to go long over Friday's high with the top of the channel at $12.00 and then $13.00 with lateral resistance. Short ratio 3.7 days to cover.
GROW: Stock remains in a strong up trend trading as high as $6.28 and closing at $5.74. It is a bullish trend. Resistance levels are $7.00 and then $10.00.
MGTI: Through $4.50 we should see this stock at $5.00 and then $7.50.
OSTK: Stock continues to surge with rumors the company is up for sale. The up trend is still in tack and I wouldn't be to see this stock at $75.00 and then $80.00. Short ratio, 6 days to cover.