iBankCoin
Joined Jan 27, 2008
7,165 Blog Posts

Market Back At An Action Point: Will The Bears Make A Defensive Stand?

The market was finally able to put together two days of gains and give us a nice relief bounce. The question is will it stick? The $SPX closed right at the 20 day moving average, which is normally a good spot for shorts to reload as it kisses the underside of the average– we are also at our pretty solid resistance line (see below):

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The bulls definitely have their work cut out for them, but are currently doing a good job in the after hours session fending off bears. Our MOMO screen is also lighting up again in Exodus, producing over 100+ names on this oversold rally. Here are some names to review: CLICK HERE FOR RESULTS

If things remain weak tomorrow, with oil knifing lower once again, it’s probably time to load up on the $TVIX or some $SRS. However, on strength, I will be eying a few of these charts below:

 

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3 comments

  1. Ed Papp

    Are we in the fagbox?

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  2. omfgitsjd

    Right or wrong, I have more bear claws than any human should be allowed to have.

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  3. Operator

    Still love the TSLA, SLB, AFIN. And actually if I look at a monthly chart of FEYE I like that as well. These are all 6-12mo+ plays for me. No complaints on the JWN, DBX, DOCU, and FAST. Also looking at HQY to see if its just a fake out of a downturn.

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