Market Monitor

• Traps in market are often at levels where they cause maximum pain to those trapped. Today was one of those days. Yesterday it looked like we are ready to fall apart, and then today the market came back roaring .
  
• Snap back rally started in the morning and the Beige book just added more fire power later. With 160 stocks up 4% or more, it was not really hitting the levels I would have liked, but nevertheless it was good bounce.
• Expecting the market to remain volatile from day to day as news flow will influence the tape.
• Several stocks with good earnings were first to bounce and there are opportunities a galore in IBD 200 plus EPS 70 plus today. Expect more leading stocks to breakout in next couple of days.
  
• Stock and sector picking will be the key and there is still risk of whipsaw.