Oversold bounce | stockbee

8/04/2011

Oversold bounce

Market was down 8 days in a row. Stocks had a modest bounce yesterday. Volume was high. Will the bounce last and hold this level, we do not know. But at this stage there might be a brief pause in the action  around this level. The level also corresponds to multi month range.


The Nasdaq 100 has held up the best out of all the Indexes. Many of the stocks in it are holding on to their gains well so far.

In this down market some earnings breakout are still attractive. MA was one such breakout yesterday. It was up 13% on huge volume. Stock might have more upside ahead in coming months.


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