A bounce is developing

NRF: Norhstar Realty Finance Corp

As expected the market made an attempt at a bounce. Many stocks started bouncing back in pre market. However a bout of selling sent them down. But as usual late buyng in second half the day ensured a unchanged or positive finish on Indexes.

At this stage there will be lot of support/pullback buyers and the mean reversion kind of traders. You saw their action on number of stocks that snapped back from the 2 day selling. We are likely to continue to see that. The RSI2 kind of short term trades will work for the nimble traders.

The geo political worries will continue to dominate the day to day action and a more likely scenario today is more attempt at bounce.

Some of the recent Episodic Pivots have quickly snapped back from their 1 or 2 day pullbacks and offer good opportunities. The earnings lead breakouts continue to dominate the action. The high Trend Intensity plays with linear action will continue to be my primary focus till we get another 300 plus day to the downside.

NRF is a good example of that kind of play. It was a earnings play. It was also in Trend Intensity scan and Episodic Pivots scan.

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