The bull thesis rests on last Friday’s low being a good one, lending itself to a squeeze higher into the traditional flag-waving Memorial Day holiday weekend. I want to be ready to pounce on a few stocks that have weathered this correction extraordinarily well, such as the ones below with my chart analysis. The idea is to be prepared if the bulls follow-through to the upside, but not force the issue if we see continued churn. If the latter happens, continuing to play defense and sit in cash is the correct strategy.
Although the stocks below have shown good relative strength, it is hard to “set ’em and forget ’em” as long-term swings in your portfolio at this point given the technical damage that the market has recently suffered. However, it is worth being prepared and in good position to confidently strike them with a few quick trades to participate on the long side if we see the market bounce into the weekend.
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