Hey y’all,
I spent the last hour or so looking for some potential trades to enter this week, and I think I’ve come up empty.
It’s not a very pretty day in the markets:
So I thought I’d take some time to look at the Wave Indicator, which Alex Reid programmed, that can identify moves both to the upside and downside.
It’s calling for some more downside momentum on Walmart (WMT):
WMT of course reported earnings this morning, and despite overall positive results, they lowered guidance for the year ahead, which sent traders into a tailspin.
The stock is shooting lower, and according to the Wave Indicator’s momentum-based profit targets, it has a few more bucks to drop…
I’m just always wary about jumping into an earnings move after the fact — it often feels like trying to catch a falling knife.
So after a lot of searching, and some more searching, and a little more searching after that…
I decided I’m just not going to jump into a trade right now.
It’s probably good advice not to trade just to make a trade — you always want to jump into opportunities that you really believe in.
Right now, I haven’t found one of those, so I’m staying on the sidelines.
But if that changes, I’ll let you know on our free ProsperityPub Telegram channel!
To your prosperity,
Stephen Ground
Editor-in-Chief, ProsperityPub
P.S.: Geof Smith shared the details on one trade HE plans to take this week. See what it’s all about here.
