Bullish Momentum Butting Heads with Bearish News 4-20-20
Last week's stock market provided a few nice winners (NFLX, AMD, NEM, AMZN) but it was anything but easy trading.
Earnings season arrives and reality will too.
The financials painted a grim picture and I'm expecting that tone to continue. IBM is scheduled to report after the close.
The weekly charts remain bullish but the daily momentum clearly weakened.
This divergence in price action has me moving up trailing stops on profitable trades.
We have a few stocks to buy such as MSFT and LULU. I see one more day of momentum before we place them in our tracking journal looking for the next place to buy.
Game planning for PYPL today. Watch today's video to see the play.
TRADING GAME PLAN 4-20-20
Watch: Today's Best Stock Picks
22 stocks are featured in today's video. One stock in particular got my attention.
The stock traded double it's normal volume on Friday and a clean breakout from a recent 3 week consolidation!
We're also heading into the heart of earnings season and game planning for increased volatility.
IBM kicks things off on Monday.
Many market-leading momentum stocks paused and we see fewer stocks breaking out.
Using our tape reading skills, the stock market shows signs of resistance ahead.
Signs are pointing to a less bullish tone for the coming week of April 20, 2020.
Have a great day!
Pete
