Our Stock of the Week is Cash. With the indices hitting new lows and little support on most charts, we believe the best course of action right now is to stay with a large cash position.
We are seeing some better relative strength in the stocks we favor while the big-cap technology names and the Nasdaq 100 are finally playing catch-up to the downside, but it is still too early to put much cash to work.
One chart that we do favor right now is a past stock of the week, Ondas Holding (ONDS), which announced new contracts last week for its automated drone technology. We would look to add to this position on weakness, but current market conditions will likely prevent it from gaining much upside traction in the near term.
And as always, we will keep Shark Investing members advised of our positioning and will send special text message alerts as we take advantage of developing opportunities and make any new buys throughout the week.
This post is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this post. Do not buy, sell, or trade the stocks mentioned herein. We WILL actively trade this stock differently than discussed herein. We will sell into strength and will buy or sell at any time for any reason. We will actively trade into any unusual activity. At the time of this post, principals, employees, and affiliates of Shark Investing, Inc. and/or principals, clients, employees, and affiliates of Hammerhead Financial Strategies, LLC, directly or indirectly, controlled investment and/or trading accounts containing ONDS. To accommodate the objectives of these investing and/or trading accounts, the trading in these shares will be contrary to and/or inconsistent with the information contained in this posting.