2 Pot Stocks Show Signs of Smart Money 4-16-20

Tape Reading for a Potential Change of Momentum

The market is at a crossroads.

Today we're game planning a potential change of trend in the recent momentum.

Two game plans are unfolding.

If the SPY ETF trades below 277.14, that turns the weekly price action negative. And it creates a bearish u-turn.

My short-term bias would change to look for short sales.

If the SPY ETF remains above that key level, the bullish weekly charts remain in play and I plan to watch tech stocks.

Weekly jobless claims are expected to report record numbers again, and should influence how we trade today and tomorrow.

TRADING GAME PLAN: 4-16-20

Pot stocks show accumulation and smart money activity. TLRY and CGC have my interest as potential new pot stocks to buy.

The list of stocks on the short side of the market (bearish) is small.

Should the stock market break the weekly open price the opportunities are slim pickings.

Financial stocks reported lower guidance so those are in my tracking journal for potential short sales.

Also in today's video we do a deep dive into creating a trading game plan.

How I read the tape before adding stocks to my watch list, and using moving averages.

Watch: Today's Best Stock Picks

Have a great day!
Be Safe.
Pete