Market Overview

How To Approach The Market This Week: PreMarket Prep Recap For March 2, 2020

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How To Approach The Market This Week: PreMarket Prep Recap For March 2, 2020

Stocks were up heading Monday, a welcome reprieve following the worst week for the market in 12 years.  On Monday morning’s PreMarket Prep, co-hosts Joel Elconin and Dennis Dick outlined how to think about the market this week.

“If you’re coming in and buying this morning, you’re basically banking on somewhat containment, of vaccines happening a lot quicker than people say it can happen,” Dennis said. “Because if this thing does spread and it does not get contained...this could be a serious thing where you could see 100 million people in the U.S. get coronavirus. And I’m not saying this is going to happen. I’m saying this is scenario analysis. So you need to be prepared. There is the potential that this market could go a lot lower.”

Joel, noting the market’s recent propensity for quick recoveries, said the biggest thing to watch for is whether stocks rebound with such ferocity that the charts form a “V bottom” shape.

“Is this a V bottom? I guess that’s the question of the day. Are we going to have a V bottom?”

For the full discussion on the coronavirus’ impact on the markets, click here.

Other Stocks Discussed On The Show

Some of the stocks also discussed include, with technical levels provided by Joel:

Featured Guests

Anne-Marie Baiynd, Trader, market technician, author, and CEO of thetradingbook.com

Anne-Marie Baiynd is a trader, author and financial analyst best known for her book, "The Trading Book Course: A Practical Guide to Profiting with Technical Analysis." Baiynd has a background as a neuroscience researcher.

Baiynd said she bought Crowdstrike last week, but emphasized caution when dealing with these markets. 

“The number one thing as a trader interacting with the market right now is that we move from a region of low volatility to a region of high volatility. And that means how we engage with the market needs to be very much more measured. And realize that everything that ought to hold might not. Everything that might dip might dip much harder.”

Anne-Marie’s full interview can be viewed at 15:30 in the video below or by clicking here.

Watch the full show or listen to the podcast below.

PreMarket Prep is a daily trading show hosted by prop trader Dennis Dick and former floor trader Joel Elconin. You can watch PreMarket Prep live every day from 8-9 a.m. ET here. The replay can be found on Benzinga's YouTube channel, and the podcast is on iTunes, Google PlaySoundcloudStitcher and Tunein.

Meet the Hosts:

Dennis Dick
Joel Elconin

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

 

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