We have had a pretty crazy week filled with news but very little market movement.

The SPX on Tuesday’s close was $2,786.85 and today it is $2,781.04.

We have had some movement in individual stocks, but these are hard to predict with the added volatility coming from our national and international venues.  From G7, fight with Canada over tariffs, to N. Korea peace talks, to the Fed raising 1/4, to new tariffs on China, the market has absorbed the news in stride.  Today’s action with a selloff for most of the day and rally towards the close leads us to believe that bulls and the short squeeze is still in place.

We chose to go with no official ideas mainly because of the news cycle, but we did want to throw a couple mentions out for stuff that was either near support or resistance or starting a new leg in a direction.

Bullish Mentions:

MGM- rallied on Tuesday, but closed lower and never tested so no action.

WMB-closed Tuesday at $26.73..ran to $27.41 but has since sold back off.

SJM-never broke its Monday high and sold off but has found a bottom and has rallied a little, so this could be one to keep an eye on.

NFX -never broke the $30.37 high so no action

Bearish Mentions:

V – no real action same price as Tuesday

MA- broke Tuesday’s close and lower but has rallied back with market today.

ETFC- similar chart as MA, sold off, made new low , but rallied back to be a reversal.

AMTD- closed Tuesday at $60.52 with low of $60.25 and traded to a low today of $58.69, but has rallied back

OLN- Low on Tuesday was $31.01 reached a low today of $29.63.

ECL-made significant lower lows each day since Tuesday, but is closing on highs.

VIRT-Closed at $30.15 and made a low today of $28.7, but rallied sharply with market.

NOV- closed at $42.27 sold off to $30.15 but rallied with market as well.

We had some movement but news and short squeeze drove the market cycles this week, so we look to next week to have less news and easier ideas and mentions!  Have a great weekend.