8/9/2011 Stock Watchlist / Gameplan | Bulls on Wall Street

8/9/2011 Stock Watchlist / Gameplan

Evening folks. Crazy days in the markets. WE Finally got the bounce we were looking for but it wasnt easy.  After the early morning gap up we faded right at our first level of resistance..after the market briefly breached new lows and probably gunned numerous stops we had an epic rebound.  Like i had warned everyone in the chatroom fed days are tricky the first move after the fed announcement tends to get faded and then the market moves sharply  in the other direction.  Not sure why that happens but it seems we always get the headfake. Overall the russell led the way with nearly a 7% bounce and we had 5% gains in the other indexes.  Overall pretty solid.  The key is going to be follow through as 1 day doesnt indicate a bottom or trend change.

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