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Last week ended with more selling and I expect the volatility to continue into this week. My number one message heading into this week is for traders to be extra diligent in managing risk. Inexperienced traders may even want to wait for things to settle down before taking any new trades.
A lot of our "buys" from last week fell apart initially and some recovered into the "hold category, while others are back in the "watch" category as we hope for a reversal upward. In total, we have ten "buys" heading into the week, many of which are in the highly volatile precious metals space. Silver miners exploded higher on an attempted short squeeze by a mob of Reddit retail traders who last week bankrupted several hedge funds by forcing a short squeeze on the company GameStop (GME). From what I am reading, this group will be attempting to push silver higher again this week. I try not to pay too much attention to this sort of thing but if the charts say "buy" I am certainly willing to play along for a trade. Interesting times we live in!
"Buy" charts and recommended stop losses:
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