What an ugly way to start the week as momentum names got absolutely clipped on no news. It’s Fed week, so nothing else matters, not even earnings. $AAPL earnings are on deck, but it likely will be a non-event. The market only cares about an interest rate cut.
Gold led the charge higher with $JNUG & $NUGT being the safe haven. Oil tried to get moving towards the end of the day and even closed green. Should we get a rate cut get ready for inflation and the $100 tomato. My guess is we see rates unchanged.
As for our momentum screen to sort through to start the week, here are the names: CLICK HERE FOR SCREEN.
$TSLA had a nice bounce back, $HEXO had a turnaround day, $OSTK continues to squeeze higher, $AKS is worth an eye, $HUYA is a buy with the esports hype, and $CHWY closed the day out like a man.
It’s a dangerous week to trade, so make sure to watch out for landmines.
Less is more.
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