The day had all the drama you crave for.
Market opened strong and spent first half of the day retaining those gains. After the Fed decision , it gave up those gains, established new low and then in last 1 hour strong buying sent it up.
On the Market Monitor breadth measure it was strong day with 1113 stocks up 4% plus. We will see if the market stabilizes at this level. It will be a process where there will be tests and retests. A V bottom seems unlikely.
At this stage intraday opportunities are a galore as the high volatility is resulting in big range on individual stocks. This is ideal situation for day traders.
Once the volatility settles down good buy setups will show up. For intermediate term swing traders patience is name of the game. If the bounce attempt fails then there will be short setups a galore.
Market opened strong and spent first half of the day retaining those gains. After the Fed decision , it gave up those gains, established new low and then in last 1 hour strong buying sent it up.
On the Market Monitor breadth measure it was strong day with 1113 stocks up 4% plus. We will see if the market stabilizes at this level. It will be a process where there will be tests and retests. A V bottom seems unlikely.At this stage intraday opportunities are a galore as the high volatility is resulting in big range on individual stocks. This is ideal situation for day traders.
Once the volatility settles down good buy setups will show up. For intermediate term swing traders patience is name of the game. If the bounce attempt fails then there will be short setups a galore.
No comments:
Post a Comment