Are you one of the many looking for penny stocks to buy this week? If so, you’re not alone and you certainly have your work cut out for you. Starting things off for this short holiday week is a rally in the stock market today. Broader sector trends are heating up as traders are buying the dip ahead of what could be another busy round of economic data and Fed speak this week.
Key events to keep in mind for the second half of June include plenty of FOMC members speaking Tuesday, Wednesday, and Friday with Fed Chair Jerome Powell testifying to Congress on Wednesday & Thursday. Expectations are the Fed Chair will echo the previously discussed hawkish tone. More jobs data and consumer sentiment round things out as investors weigh inflation against speculation of a recessionary period coming.
What this means for retail traders is to expect more volatility. Whether we’re talking about another bear market rally or a larger stock market crash, penny stocks have become the rising star of the day trading & swing trading arena. The main reason for this is that they tend to move irrespective of what the overall market is doing. Today we look at a handful of names trading higher after releasing big news this week.
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