A bounce but will it follow through

The few days of oversold reading on index resulted in a bounce on Friday. That has been the pattern in this market . V shaped recovering after few days of selling.

However underlying stock action in momentum stock does not show high probability of continuation. Most of the momentum leaders are in retreat or range bound. There are very few orderly pullbacks.

That means one need to look at the new leaders. Banks were clearly the new leaders yesterday with several of them having breakouts on Friday. If they follow through then they will offer swing opportunities.

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