Snapback rally continues on lower volume

It has been a powerful snapback so far. Today it might experience some selling , but underlying buying so far has been strong. Would not be surprised if strength continues for some time more.

Periods like these lead to churn in leadership and new momentum/growth leaders start emerging from such correction. If you look at momentum scans like the Stockbee Trend Intensity you will see new leadership has slowly started emerging.

Currently the gold stocks are leading the list. But besides gold some recent earnings winner and some reversal candidates are showing up on the scans. As of now around 30 to 35 stocks are showing early momentum patterns. If market continues to rally the universe of such stocks would increase.

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