Markets are working off the excess bullishness

Markets are working off the excess bullishness. A correction of few weeks will further reduce extremely positive breadth and allow for a good setup in to end of year if the gains hold.

The market had gone sideways post Fed decision rally. That period was marked by extreme positive breadth on Stockbee Market Monitor. Such extremes lead to corrections/ rotations/tops. If breadth deteriorates fast then a deeper correction will be deeper.

One of the better setups yesterday was the UVXY, Prohares Ultra Vix Short Term Futures ETF. It rallied sharply, going up 15%.


Pause after breakout

Market has been going sideways after making a big move post Fed decision on QE3.

The earnings season is starting in few weeks. Number of stocks have rallied coming in to earnings. The Market Monitor  Breadth indicator is in extremely positive zone. Such positive breadth often leads to corrections in 2 to 6 weeks time frames. 


AOL: Swing Trade setup

AOL has been consolidating near recent high for multiple weeks. Today it is breaking out to new high. Can offer 10 to 20% potential.

ZLCX: Swing trade setup

 ZLC good swing trade setup with 8 to 10% potential.



Stocks rallied in to the Fed decision. Post the Fed decision the market built on that advance. In short run this has the market a bit extended. The market might spend some time digesting the move. That can happen with a minor correction or sideways move.

The underlying breadth trends are good and as of now we are not in extremely bullish breadth territory. The market still has room to run.


CREE: swing trading setup

CREE is one of the setups showing up on momentum scans currently. Stock has formed 2 month base and is breaking out.  Might offer 10 to 20% potential.


LTD: Swing Trade Setup

LTD has been basing for a month, a breakout here can possibly be start of new trend. 

AXP: Swing Trade Setup

AXP has been basing for few months. With financial stocks doing well currently, this might offer 20% kind potential


ENOC: Swing trade setup

ENOC: EnerNOC Inc. is breaking out from small consolidation.

MED: Swing Trade setup

MED: Medifast Inc. is setting up well for explosive move. A high volume b/o would be a buy. Or a buy in anticipation.

Rally continues

The market continues to rally ahead of the Fed decision and AAPL new phone launch. The European Fed intervention kicked of this rally in high gear. Since then the market has improved breadth and momentum stocks are breaking out.

GFA is a Brazilian home builder. It was beaten down badly during the bear market in Brazil. Now in last 2 months it has rebounded sharply and offers good buy setup. 


AAPL was story of the day

Market continues to act well. The underlying buying pressure is good. There was little bit of profit taking on AAPL. AAPL has rallied after missing earnings in anticipation of new products. Prior to the launch there is some nervousness and profit taking. AAPL being such a big component of Nasdaq 100, it had effect on that index.

Now all eyes are on Fed and that will be next big catalyst for the market.

On the ETF front one of the ETF worth looking at is UGAZ . It is trying to bounce back after a pullback. The natural gas futures were up 5% yesterday. If it gets going it might take out previous high near 40.


Multi year range breakout

The market had a breakout last week. The breakout was preceded by 13 days of base. The breakout also coincides with market taking out multi year high.

Below the surface quality breakouts on momentum stocks are increasing. The breadth trends are positive for last couple of weeks.


SWI breaking out


SWI had big breakout on earnings in July. It went sideways for few months after the earnings breakout. Today it is breaking out. 

ISIS swing trade setup.


ISIS is breaking out . Good swing trading setup for 8 to 20% profit potential.

Swing trading opportunities

Several stocks are breaking out and there are some nice setups showing up in our scans. Many stocks are going sideways during market consolidation and are now breaking out. 


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