Looks like there is an underlying bid in the market. Action like today's is good action during corrections. Morning selling is followed by stabilisation and with late buying. Below the surface number of stocks continue to attract buy interest. So my current view remains, this is so far a garden variety pullback. It might be time to start dipping your toe back on long side.
I am ready to look at both possibilities. If the market rallies after this correction, it will be one very powerful rally. If it breaks down bonds and dollar is where the major fun will be. Anticipation and nimbleness will be the key to capturing the moves. So keeping buy list ready is never a bad idea. By the end of day I will post my list of 100 stocks with momentum that I am monitoring. This will be weekly feature now onwards. I will also put a file in the stockbee group.
4 comments:
are the facts that the indicies gapped up on low volume this morning, that the dow, naz and spx will close below their MA20 and that the dow and spx, at least, are closing below the midpoint of their day range of any significance?
just wondering?
first close of dow under 12k since it closed above 12k - not that 12k matters, but it might to the mom and pop retailers - i have no idea...
I do not look at those kind of things. I am looking at database of stocks with good earnings/momentum and how much buy interest they are atracting.
cool - i am looking at my database of short candidates!
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