The market had a big down day yesterday. The breadth supported the down move. After many months we had a broad based selling. There were 361 breakdowns among stocks I monitor. That was highest reading in few months.
In this market so far in last 15 to 18 month such selling has failed to have follow through, in fact on many occasion such selling resulted in V shaped bounces. Let us see what happens this time. Either way as a swing trader it does not matter much. Some of the momo stocks that went up a lot also make good shorts if this trend accelerates to down side.
As the correction took down many momentum stocks, there were still some holding up well. Those are the stock to watch for possible breakout in any bounce:
SHOR
In this market so far in last 15 to 18 month such selling has failed to have follow through, in fact on many occasion such selling resulted in V shaped bounces. Let us see what happens this time. Either way as a swing trader it does not matter much. Some of the momo stocks that went up a lot also make good shorts if this trend accelerates to down side.
As the correction took down many momentum stocks, there were still some holding up well. Those are the stock to watch for possible breakout in any bounce:
SHOR
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