Market had a weak bounce attempt. The old world stocks like JNJ, IBM, CAT, CSCO and other defensive sectors like REIT dominated the action. For a sustained bounce you want to see much better action.
However as momentum trader you have to hunt for new pocket of momentum. So far the alternative energy sector seems to be attracting momentum trader. The sector got some lifts from ARTX, BLDP, and PLUG.
Momentum traders tend to quickly migrate to new set of hot sectors when momentum dries up in one sector.
If there is going to be lasting bounce some of the beaten down stocks will also bounce back, but focusing on genuine momentum pocket is always better.
And one of the best way to find momentum pockets is by keeping close watch on these lists.
And one of the best way to find momentum pockets is by keeping close watch on these lists.
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