Two long ideas I am considering if the broad market bounce has legs are Cadence Design Systems and Nordstrom.
On their respective daily charts, below, note the orderly basing action within the context of overall uptrends. On further strength, they are ripe to break higher from these consolidations. But, again, I suspect they will need a healthier broad market in order to hold the moves.
Alternatively, If we roll back over I favor shorting the biotechnology stocks via a long BIS trade, and perhaps going long volatility via UVXY.
Drop me your top tickers overnight.
__________________________________________________________________
__________________________________________________________________
Chess, do you ever dabble in BOIL to play the gas?
I do, Unc. Or $UGAZ. See if $UNG can clear $21.50.
Gracias, Chess. $21.50 it is.