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Enjoy tonight’s video, and enjoy your evening.
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Into the closing bell, note the textbook, gap-down and massive reversal in CORN today after a sharp swoon of late.
Corn has been disappointing this spring and summer, but it may finally be ripe to reverse on higher after this hammer candlestick, seen below.
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Impressive action in black gold today, as it tries to emerge from its weekly chart consolidation, seen below. More on this later tonight or tomorrow morning.
UCO is back on my long radar.
What are you trading in the final hour?
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We are settling into another summer grind type of trading session, as I am still watching the $114 level on the small cap ETF, below.
Note the zoomed-out 30-minute downtrend for the month of July, thus far, still intact. I suspect bulls would need to clear $114 with force to sustain another upside move.
Until then, I expect more choppy action.
That said, FEYE TWTR are acting well today and still trying to make a higher low.
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After making Ackman’s bear thesis look foolish for much of last year, HLF is now a broken chart. Even before today’s plunge on Ackman’s latest comments, you can see that declining 200-day moving averages.
When it comes to heavily-shorted stocks, when the shorts actually do get it right things can get ugly, quick, to the downside.
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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