Task cut out for dip buyers | stockbee


Task cut out for dip buyers

Daily# of Stocks Up >4% on high volume237
Daily# of stocks down >4% on high volume  584
Primary# of stocks up >25% in a quarter3070
Primary# of stocks down >25% in a quarter296
Secondary#of stocks up >50% in a month133
Secondary#of stocks down >50% in a month3
Secondary#of stocks up >25% in a month551
Secondary#of stocks down >25% in a month20
Primary fast  MM 34/13 + 2949
Primary Fast  MM 34/13 - 600

  • 584 stocks were down 4% plus on high volume.
  • That is a minor scratch on the bulls back. 
  • This was mild action and not a very broad based selling. You would have seen numbers around 1000 plus for a serious correction.
  • So the task is cut out for the dip buyers. 
  • Most likely scenario is attempt at rally from these levels.
  • Action in the Episodic Pivots  continue to show junk still has buyers.
  • Sector rotation was in play with medical and health care stocks breaking out. So this market has more legs as of now. 
  • After a few days of attempted rally we might see another shakeout move.
  • A strong breadth like we have currently is not going to turn with just one 584 negative day. 
  • I will continue to focus on EP and good breakouts from IBD100/200 and Double Trouble and Modified Double Trouble.
  • I expect Double Trouble to be best performing method here onwards. It will continue to give  many more opportunities for next 1 to 2 months. 

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