I’ve been nursing a few position this morning, namely OCZ, which has me somewhat sidelined to the other opportunities our markets present.
In terms of momentum trading, this is where you buy YELP, down here in the trough, if it shows any signs of strength.
Several of my other stocks are in the red. I wish some were more in the red than others so I could buy more, but the day is young.
Our morning idea in the $ES_F was to see some digestion of the overnight move because it took the markets into overbought territory. The sellers had more than a mere digestion in mind and put us firmly into scenario 2 from the morning report which called for backfilling yesterday’s short squeeze. That task has been completed and the buyers are right back on the scene, keeping us in the churn.
The buyers could turn this thing around by holding above 1686.75, and we would target an upside move to test the daily high at 1690.50.
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