The Shakedown 7/6/19

Will They or Won't They?

Strong price action out of the market last week as the market digested the most recent news following the G20 Summit, closing at a new all time highs and tapping on SPX 3000's door. Now, all eyes shift to the Fed on whether or not they will look to cut interest rates at the end of this month. Friday's strong jobs number didn't help that battle, but we have weeks before we have to seriously worry about that news. Thankfully, this week is pretty muted on the news front.

With the market showing healthy action at highs, especially something like Friday's bullish reversal, I would expect there to be many breakouts this week if we can see that action continue. We'll continue to see some aspects of Summer Trading with lower volume environments. Stick to your gameplans and give stocks the proper room as the market has shown us this week, if you keep a wide stop, you're more likely get bailed out in a strong market environment. 


AMED is consolidating so beautifully just below a major inflection point resistance at the $123 area. Going to look for a surge of volume around that $123 number and keep my stop below Friday's $119 lows. This one has potential to be explosive as this healthcare name has propensity to really run when it breaks out. 

Trigger: $123

Stop: 118.89

Target: $139-144+

Hope to see you in the chat Monday!

Weekly Watchlist coming in the following email.

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