Checking Out the Action

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My strategy here is to slowly leg my way back in to the market, so long as the bulls continue to prove themselves. I recognize that there has not been much progress in the grand scheme of things, but yesterday’s reversal did not to go unnoticed by me. At the same time, I am not inclined to trap myself by betting heavily just yet. So, I am methodically approaching the long side here, one trade at a time. It is a plus for the bulls to see gold, Treasuries, and the Dollar all down, but those reversals need to see some downside follow-through too, rather than just a one-day pause.

There are plenty of names that could easily be forming inverse head and shoulders patterns on their respective daily charts dating back several weeks, but that is all academic unless we see upside confirmation in the form of upside breakouts of necklines. One example is Macy’s, which needs to break above$27 to have a chance at confirming the slanted neckline of an inverted head and shoulders bottoming pattern.

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Looks like a trend day higher, as we head into noon on the east coast.

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The “gappy” nature of this market, in both directions, has made it increasingly difficult to play for any type of swing trade. Today, the roulette ball landed on green, and we were off and gapping from the opening bell. If you blinked, you missed a chance to ride the first few moments up. So, the issue now is whether to look for longs after we have gapped higher. Currently, we have drifted sideways since the open, and there are some decent charts shaping up. The bulls still have a lot of overhead work to do in terms of resistance and potential supply, but if they can hold on to the lion’s share of these gains it will be an impressive rejection of yesterday’s attempt by the bears of a decisive breakdown.

For specific trading ideas, inside 12631 we are offering free trials this week to members of The PPT (12631 is only available for subscription to members of The PPT generally, as well, since we incorporate the algorithm in our analysis). Hence, if you have been putting off joining The PPT, now would be the ideal time to join. Click here for more details. 

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The bulls sure do have their work cut out for them. While Tuesday’s late-day rally does offer some hope, we all know that hope in the stock market is an expensive illusion unless we see some upside follow-through soon. If we do, then these five setups intrigue me. See me notes on the charts below.

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Direct Video Link Click Here

 

 

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If you insist on long swing trading here, you might as well focus on the relative outperformers than the lemons, given the violent uncertainty of the market. Here are four relative strength names, two of which are quite surprising given that they are “chinese burritos,” we call high beta small-cap China names here at iBankCoin.

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