I’ve discussed this more than once…
But it bears repeating — especially this week.
We’re in a news-driven market. In other words, stocks are moving sharply off the latest news. It could be a new piece of economic data, catalyst-driven, like the oil shock we’re experiencing, or company-specific news.
The news headlines are creating unprecedented volatility.
And today, traders are eagerly awaiting some BIG news…
It could impact you, me, and the economy — but it doesn’t have to affect how you trade.
Here’s what news is moving the markets and the process I’ll use to find the best potential day trades today…
If you want my plan and real-time market lessons, join me here.
The News Everyone’s Waiting For
The Federal Open Market Committee (FOMC) began its two-day policy-setting meeting yesterday.
And today, all eyes will be on a press conference where Federal Reserve Chair Jerome Powell will announce the next interest rate hike.
Some economists and investors anticipate the Fed will increase the rate by .75% instead of .5%. Especially after last Friday’s higher-than-expected CPI numbers.
But the thing most traders don’t understand about this kind of news is that I don’t really care about it…
Sure, it can have an impact on the overall market direction.
But will the market go up or down after the announcement?
I don’t know — nobody knows.
And either way, it doesn’t matter to me…
These guys have been wrong about inflation for over a year. Now they’re just running damage control…
And although the Fed’s decision will impact businesses, banks, the economy, and individuals, it doesn’t affect the way we trade.
So here’s what I’ll continue to look for today, regardless of the Fed’s announcement…
What to Look For in Penny Stocks Today
In Pre-Market Prep and the SteadyTrade Team, we have the same plan every day…
Find stocks that are big percent gainers and fit our patterns.
Because penny stocks don’t move in sympathy with the overall markets. They move on BS press releases, short squeezes, and breaks through technical levels.
(Use these technical indicators to help you spot important levels.)
Monday was a great example of this … The markets dropped nearly 3%+ across the board…
Meanwhile, SteadyTrade Team members took advantage of some of the biggest gainers we’ve seen in months!
So today, like every day, I’ll follow my process…
- I’ll use StocksToTrade’s Breaking News Chat to find stocks with a catalyst.
- I’ll check out Oracle for the top 20 momentum stocks of the day and the key levels to trade off…
- I’ll look at the charts of recent runners to see which stocks I’ll keep on my watchlist and which ones are dead.
- And I’ll create a trading plan…
And I’ll do it all LIVE during my SteadyTrade Team morning webinar.
If you’re struggling to come up with your own process to take advantage of volatile plays — apply to join today.
If you’re not ready for that level of dedication, join me for my rapid-fire plans every morning on Pre-Market Prep. I even include a copy of my ebook so you’ll know all the patterns I watch for each day.
Don’t trudge through the mud alone for another day…
I’ll see you all tomorrow!
Tim Bohen
Lead Trainer, StocksToTrade