The stock market continued to rally last week as trader risk appetite continued to increase with the Fed announcing more stimulus action.
The S&P 500 gained 12.1% in one of the best weeks since the 90’s.
The Coronavirus situation is starting to be a little bit more optimistic as some countries like Italy and Spain start to see their curve flattening and the number of cases in the US is moving to the lower side of the estimates.
AlphaOverBeta Next Week Forecast
Next week is going to be a key week for the market as the rally hit a certain high that will test the buyers, in case the S&P500 holds over the 2600 level, this will be a significant strong bullish trigger, on the other side, the 2450 is used as the levels to watch for another leg to the downside.
When reading and listening to all the trading experts, you hear the same advice from all – stay out, for now, the risk is not over, pick the higher-quality stocks and the market didn’t bottom yet.
A simple question – if that’s so, how is it that the market is up? Who’s buying? Can’t be retail traders, they are out, listening to the “gurus”, so… It’s the gurus buying! That’s the only conclusion here, they tell nice stories, but in the meantime, they buy the dip.
Our model portfolios are open for subscribers to AlphaOverBeta.net
AlphaOverBeta uptrending watchlist
Using AOB Dashboard to spot trending opportunities in the market.
| Symbol | AOB Opinion | AOB Rank |
| APA | Trending | 4.98 |
| NBL | Trending | 4.23 |
| PCG | Trending | 3.03 |
| SIRI | Trending | 1.31 |
| WDC | Trending | 1.11 |
| AAL | Trending | 1.08 |
| Check out the list on our Dashboard | ||
On the list you may find Apache Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids, the company was hit due to oil prices drop but had made a recovery with a technical double bottom at 4.5$ , we estimate a continuation of the current trend to the upside.
Specific stocks in these sectors may be found on our Dashboard
AlphaOverBeta sectors ranking
Below you may find our leading and lagging sectors.
The biopharmaceutical sector is picking up momentum, finally, a sector in the green, since the coronavirus is here to stay for the next few months this sector makes complete sense, our long equity portfolio is long on the sector and specific picks in that sector.
AlphaOverBeta Trades
We have a number of specific stock picks from the above sectors in our website,
You may find all of AlphaOverBeta trades in the Real Time Trading Updates of our website
Trade Safely,
Alon