Quick Bounce Plays

If you are looking for some (quick) support buys here, a good algorithm screen to have, courtesy of The PPT, is one I made called “12631 Quick Bounce Plays.”

In the screen, I am looking to isolate stocks with positive daily Hybrid PPT scores, but negative weekly ones.

Thus, they are ripe for a quick bounce as the momentum seems to be turning, if only for a bit. I also screen for PPT Relative Strength scores, as well as volume and % from 50 day moving average.

Members please click here to view and save the screen

Here are the readings as of Monday’s close. Remember, we are talking about short-term flips here, not high quality, multi-week swings. Keep those stop-losses in place.

(Click on image to enlarge)

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The slow-moving Kellogg is still one of the better charts in the entire market right now, basing high and tight on the daily chart, first below. I am not expecting too much explosiveness here to the upside, but it should, on the whole, beat the erratic and sloppy, choppy bounces have seen in quite a few higher beta names of late.

And on the short side, regional bank Huntington has been underperforming peers like HCBK VLY of late. On the second daily chart, note the bearish volume pattern. If the recent bounce rolls back over I would be looking for a short entry.

Drop me your top tickers overnight.

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If you enjoy my blog posts and videos, then I would encourage you to please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price. 12631 is a trading service which @RaginCajun and I direct here at iBankCoin.

Enjoy tonight’s video, and enjoy your evening. 

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I went short Lowe’s just now, inside 12631, with Gene Hackman commercials and all.

Note the daily chart bear flag threatening a breakdown today.

My cover-stop is a close back over $48.

More on that after the bell on my video market recap. See you there.

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Beyond an earnings sell-off, I am looking at Cree as a long-term topping out candidate.

The weekly chart below suggests that unless bulls can pull off a dramatic reversal by Friday we are looking at a weekly breakdown below well-defined, multi-quarter support. Given the size of the top, a move back down into the $30’s is not out of the question.

I would consider shorting rallies.

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I took a piece off a piece of my NUGT long, entered yesterday into the closing bell inside 12631, for the sake of discipline.

However, gold miner bulls are putting up a valiant fight thus far.

The apparent breakdown earlier this week is reversing higher, opening up the distinct possibility for this being a bear trap.

Still, one step at a time. The metals and miners are far from healed and out of the woods. Stakes are high, and I am not going to become dogmatic. I will simply trade around them and lock in gains when they present themselves, at least partially.

A close over $24.08 would be a good step for GDX bulls today.

Silver continues to lag, but is printing a benign, small doji above the midpoint of yesterday’s upside reversal, which means I still think there is potential for a bottom there.

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