Futures are up, the bull market is back! Everyone get long!
It is amazing how many people turned bullish on Wednesday. Just a second ago everybody thought the world was ending, what happened? I must admit I am seeing better setups on the long side this morning, but to me, this action is very similar to what we saw in 2008.
Remember, this market is guilty until proven Innocent, as long as it stays below the 200 day moving average. However, at the same time, I will not watch the market go up another 500 points without robbing it of coin, so we must keep an open mind.
For the next week or so, my strategy is to keep a nice position in TZA on the back burner while chipping away at quick trades on the long side. Here are a few charts I will be watching for breakouts:
DTV:
LVS:
SNDK:
PQ:
SQNM:
DCTH:
we could rally up to SPX 1150 which would complete the right shoulder of a multi-month head and shoulders pattern and then really decline from there.
Yep, I think that is what everyone is looking for.
The above stocks BTFO
http://chart.ly/bnmzb3 — from @traderstewie on stocktwits
could add OVTI to this list; has room to 24-25 area
love OVTI
Watch, if the SPX prints red, look for money heading to the exits. Very skiddish market. Longs want to be long but will head to the life boats at the first sign of danger.
agreed.
How those GOOG 500’s treating you 😉 great call!
Would have been better if I held, market faked me out.
Still long the common.
Hey man, the trade was there and it was a fantastic call on your part!
Copper being sold off, market leaders still doing well – both are tells
Just another day of confusion
indeud.