A possibility of tradable 2-3 days rally exists

The market did on Friday what is characteristic of volatile correction phase where it went up, down, up, down,and up again. All between pre-open to close. But with three and half days of trading week ahead a possibility of tradable 2-3 days rally exists. There has been no high volume follow through since the up move four days ago, so such rally might be fleeting and for nimble traders.

The Market Monitor is currently in confirmed correction mode, so extreme nimbleness is key and once you have profit , protecting it is key. Look at CSIQ post earnings,it is a real test of patience holding on to it as it has had a very volatile post earnings breakout move. When 65 days ratio is positive, generally such moves are very smooth.But earnings breakout continue to move up. BIDZ, STP, FSLR, PSEM, MICC, QSC, INOD, PCLN, MA etc are some of the examples of recent earnings breakouts.

There are number of good breakouts in EP , Double Trouble, Virgin and IBD 200 on Friday and for nimble traders, they should provide enough fodder.

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2 comments:

Mike said...: This correction seems to be worse than the one in August. Is there any indication that our bull market is over? It seems that now every day the market does nothing but go down hard (how many weeks has it been now?), with little reprieve.
Looks like the bears have finally one perhaps.; Nov 19, 2007, 1:56:00 PM
Mkt swimmer said...: As the COT data indicated that technology will be leading the way for a recovery, if there is one.

Mkt Swimmer; Nov 20, 2007, 5:36:00 PM

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