News:
On Friday we welcomed April and markets closed in the green after spending much of the day trading in the red.
Remember the old saying … Amateurs open the market, the pros close it.
Oil prices are stabilizing above $100/barrel. and Bitcoin held support at $45,000.
All things considered, the month of April is off to a great start.
Technicals:
The Dow held the critical support level I was watching on Friday. See the chart below…
If the Dow can continue to move up it will complete an inverse “head and shoulders” pattern, which is a bullish reversal.
The put-to-call ratio closed slightly oversold on Friday. Investors are betting against the rally. But is suspect they are setting themselves up for a squeeze.
My outlook remains bullish.
Timing:
As I’ve been saying the markets are generally bullish in April. This week I’m watching a few items that could drive some volatility…
The Fed will release the minutes from the March FOMC meeting on Wednesday at 2 p.m. The market will take a moment or two to price in the details behind the price hike.
Never believe the first move.
Also on Wednesday, our next earnings season will get a soft start. Here are the most notable earnings reports due out this week…
News is light, my outlook is bullish. My top positions are noted below…
Watchlist:
*Low Float
^Open Position
*IMTE is on watch
^*SGLY has support at 412
^NEXT has resistance at $7
PLAY has support at $48
VTNR has resistance at $10
SGML has support at $15
^GME has support at $160
BORR has support at $4
^LXU has support at $22
^GLNG has resistance at $25
SBS is on watch
TELL has support at $6
KOS has support at $7