Morning folks futures are gapping down slightly on tsunami’s in the japan. Even without we would probably gap down. when the stock market is in bull mode and above all key levels you regularly will wake to gap ups. The opposite is true when you have broken support so get used to it for a bit. This is going to be very tough for swingtraders that hold for just 1-2 days as you will get chopped up. Swingers that have longer horizons 1 week or more wont notice the chop. Or you can daytrade which is what iw ill mostly due. If we can get 1-2 moe days of drop will make for good bounce swings but we arent there as the market is just starting to get oversold
we are starting to see clear signs of distribution so any bounces will have to be met with skepticism for now. Now that we are piercing the lower bb band 1-2 more thrusts could lead to snapback.
this is not a market for rookies to navigate. If you get nervous when trading or dont have capital to risk then its best to stay on sidelines during this type of 50/50 chance market. What ive found in my career is that 75% of my money is usually won in 3-4 days in the market a month. the rest is just chop chop. and event hen 90% of my money is made in 1st and last hour of trading. you dont have to trade everyday. its ok to weight for the right opportunity and then go for it.
http://finviz.com/screener.ashx?v=211&t=EEE,USAT,ROIAK,MNTX,
these are the only stocks i found even somewhat workable. once market opens i will be able to judge what stocks are gonna be in play.
