Video Chart Reviews For Wed April 29th + Market Commentary...Video Chart Reviews For Wed April 29th + Market Commentary...Video Chart Reviews For Wed April 29th + Market Commentary..Video Chart Reviews For Wed April 29th + Market Commentary..Video Chart Reviews For Wed April 29th + Market Commentary..
Charts reviewed are $SGYP, $MEIP, $IBB $IG, $IWM, $ATRS, $GILD, and $INVE.
$SGYP - Be careful here. Suggested stop of $3.90 taken out, chart not looking well, setting up for a head and shoulders. However, my logic tells me data should be good. Nevertheless, this is a HUGELY risky bet which if positive, could reward you greatly, but if negative, could blow you out of the market.
$MEIP - still on course there. I'm still seeing "naked shorting" which is actually likely warrant holders shorting against shares that dont exist yet, but WILL EXIST after warrants are exercised, which all of them are over $3 = Stock price sling shot over $3 is STILL a high probability.
$IBB - lagging from $GILD earnings coming up on Thursday. Index rebounded near the bottom channel support of $336, at around $338. At one point, it moved back 10 dollars! Good trade by Matt on that one!
$GILD - Last time before earnings, $GILD had a run up. This time we are basically flat and have been slowly selling off. I dont want to see buying tomorrow, I want to see flat to down which will give me more confidence that their earnings should cause buying instead of selling as it's done the past 2 times,
$IG - Basically hit my review target price which If I recall correctly, hit $9.40. Remember, to be exact in charts is very hard -- close enough counts like it does in hand grenades and horseshoes! Sadly, $IG had bad earnings report and has grossly sold off in yesterday's extended hours, down to $5.33 = OUCH, that is a huge loss for the top buyers. Another case to be made to not get over greedy. With $MEIP, I'm a little greedy because I have a very strong thesis as with $SGYP, If I did not have such a strong end target thesis, I would have flipped out half shares at $2.40.
$ATRS - took out suggested stop level. I'm not a fan of that one anymore.
$INVE - chart actually looks pretty good, I explain in video why INVE's association with $ACRX could be VERY BIG for them if by their software/security, Zalviso becomes approvable for the FDA. This would give REAL IOT security legitimacy to INVE, and I would expect another rally with that rally holding and basing higher. Activists still lurking in $INVE 🙂
FED meeting tomorrow at 2 pm eastern, I expect a flat down market, then the market to rally as I expect FED to remain dovish. However, there is a bit more negativity this time around and charts show that. I think it's based on numerous factors, with Greece being one of them. Technically wise, $SPY looks like it wants to head back under $208.75, but that is now. This can change if FED "eases" concern.
More in video, so please give it a good listen and view!
Scott
