PreMarket Prep Recap For May 1: Feuerstein Breaks Down Neurotrope's Data Spin; Contrarian Vs. Momentum Investing

Did you miss today's PreMarket Prep? Here are some of the highlights from the show.

'The Study Failed'

TheStreet's Adam Feuerstein joined this morning to analyze Neurotrope Inc (NASDAQ:NTRP)'s data results. According to the company, the Phase 2 data for their Alzheimer's drug Bryostatin showed a "positive" result that met the primary endpoint. According to Feuerstein, this is all spin.

"The study failed. That's the headline here. What they did...was to try and kind of spin something positive out of the failed study," he said. The announced results only included half the patients in the study, and the resulting P Value was "not clinically meaningful," he said.

Still, Feuerstein expects the company to move ahead with another trial, and even potentially raise money via a stock offering or a partnership with another company.

"If they're going to run larger, longer clinical trials of this Alzheimer's drug, they're going to need more money." To listen to the full interview with Feuerstein, click here

Key Technical Levels

The following stocks are some of the morning movers discussed during the show, with technical levels offered by co-hosts Joel Elconin and Dennis Dick, and Tommy Lackey, the managing partner and portfolio manager at Relativity Capital Advisors. To listen to the full interview with Lackey, click here.

Twitter Inc (NYSE:TWTR) has very little resistance in the $17 handle. It has a gap to fill from February 8 at $18.05 after its Q4 earnings report.
Tribune Media Co(NYSE:TRCO) has a big level of resistance at $40. "It's like a Rock of Gibraltar. I don't know if I've ever seen a level that many times. That $40 level is huge," Dick said.
Amazon.com, Inc. (NASDAQ:AMZN) has had six all-time highs and all-time closing highs in a row. "If you're thinking of lightening up, maybe at least wait for that streak to break," Elconin said.
Foot Locker, Inc. (NYSE:FL) is great-looking setup, according to Lackey. "It just goes down to why a lot of times you have to look down through into individual charts... A lot of times you can find these gems in areas that aren't so hot."
Workday Inc (NYSE:WDAY) has a gap close just above $90. "You're basically looking at a cup-and-handle type pattern on the weekly chart there," Lackey said. "Somewhere between $92-$96 area is where you're going to get the bigger resistance."

Contrarian Vs. Momentum

At the end of the show, Dick and Elconin had a great discussion of the merits of contrarian trading and investing vs. momentum trading and investing.

"This market for the last seven years has been very much a momentum trading market," Dick said. "Its what has been working for a long period of time. This market has been dominated by momentum traders, and its tough to fight that tape. But there will be a time again when contrarian trading will dominate." Listen to the full discussion here.

Upcoming: On Tuesday's Show

We'll be joined by Nic Chahine, options expert and author of Create Income With Options Spreads on Marketfy.

How To Listen And Watch

PreMarket Prep is a daily trading ideas show with a focus on pre-market volatility and technical setups. You can listen live and chat with our hosts, guests and listeners every morning from 89 a.m. ET here or on YouTube Live. You can listen to the podcast on iTunes, Soundcloud and Stitcher. The full recording of today's show is available below.