Weekly rollup | Oct 17-23 2022
Stocks Mentioned: Anavex Life Sciences (AVXL), Teucrium Wheat Fund (WEAT)
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October 18 2022
Anavex Life Sciences (AVXL) was up 17.8% yesterday to close at $12.49, on news that the company will be presenting clinical trial data on a drug in Phase 2/3 trials. Watch for a move to the $12.9-$13.1 range, above the July high, for an entry signal. Biotech is a beaten down sector so a reversal in market sentiment should be good for a small run higher, at the very least.
Futures holding up today after yesterday's wild move higher. That's a good sign. Next 2 weeks price action sets the tone for the FOMC meeting on Nov 1-2. If we don't get a new low, rejoice, for it will mean that the period of maximum pain has passed.
October 19 2022
Sell Teucrium Wheat Fund (WEAT). My trailing stop loss was triggered on yesterday's move. This leaves long ZIM and EDRY, short CACC, and the LNG puts expiring Friday as the only remaining positions.