Morning folks. Market is looking at a slightly higher opening with the spy up .5% in premarket. slv is down about 2% while gld is looking flat at the open. Crazy day in the markets yesterday as yesterdays gap up made things nearly impossible to play on the longside as the market from 10am to late afternoon was in a very very tight coil with little movement. These gap up days are the hardest days you will find to trade even harder then big gap down days as there is all risk in your trades as any dip in the market will shake you out of your stock but often that dip doesnt come so you feel like you have to chase things so that you dont miss out on the huge rally. And per the usual of late we get a rumor flooded that completely takes us out of the bull run with everyone scrambling to move the other way. Me personally I sat on my hands most of the day with few trades in GNK, AUTH, yoku, ery all pretty much sucked. I didnt lose much i lost exactly 10 cents on all 3 gnk, auth, and yoku but I was still frusterated all day. Even a great setup like GNK we added at 8.10 it ran to 8.50 fairly quickly but like a big moronic retardo indian that i am I gave back all the gains by not raising my stops ( rookie mistake)
Overall pretty typical bear market type action we have seen it before numerous times. I suspect we have a quiter type of day today. not much in the way of economic data so all the focus will be back on europe Smallcaps are still pretty much dead even with russell flying yesterday we will see today if they play catch up. Not much money flow being added into the riskier names. Keep an eye on the yesterdays high in the spx as potential upside targets. if we can take that out it should set us up for a test of the 50dma.
lot of charts look like kind of nasty as the reversal yesterday turned a lot of great charts into charts with big wicks and now and added resistance from the holders caught in the reversal.
lot of the stocks from yesterday’s watchlist are also still in play