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Seeing as recent IPO’s are the hottest names today, it is only fitting that BABA finally wakes up this afternoon to break its 30-minute range to the upside.
Jack Ma is hoping his favorite eponymous movie character may have had it right when he said, “I. Was. Running!”
See you after the bell for my video market recap.
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This market is definitely turning into a “when in Rome…” tape for traders on a daily basis. Yesterday’s weakness, for example, is being gained back with today’s strength. I still see many sloppy daily chart patterns for longer-term swings.
But for momentum, recent IPO’s like BABA CYBR GPRO are clearly where the action is.
Also keep an eye on DGLY LOCO to see if they get going soon.
Frothy? It sure seems that way if these are the hot issues.
But that won’t change until the Barbarians invade Rome and truly put an end to the QE Empire.
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Equities are grinding higher as we speak, but I am still stalking another bond short.
TLT is potentially stalking at $115 for a “right shoulder.”
I am close to reinitiating a short via TBT TMV.
What are you trading this afternoon?
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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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The small caps are still at the heart of whether this market is not he cusp of another sharp rally to fresh higher, or instead not he precipice of something more ominous than what we have seen in quite some time. To be sure, bulls are aware of this and will be guarding, or at least trying to guard, the Russell vehemently into further weakness like we saw this morning.
On the 30-minute chart of the small cap ETF, note the bounce this morning off the lower Bollinger Band punch and reversal higher. I would not be surprised if we inched up to that orange line. But that is when the true test come in as to whether strength in the Russell keeps getting sold.
I have a few shorts on inside 12631, but have my eye on the exits if this bounce builds steam into the afternoon.
On the long side, a name like SFLY has my interest into further strength.
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