Morning folks. Market looking at a slight gap up so far with spy up .4%. We have jobs number coming up so that wont really matter at this point till the numbers get digested. SLV still drifting lower down 2% so far Yesterday was an interesting day. Much like the last few we had a gap down to start the morning then had an early morning opening gap reversal. This provided some opportunity for some amazing daytrades on the reversal but the rally fizzled out soon after. Going through my scans certain sectors have been demolished as there is a rotation coming out of commodities and the expected bounce that comes in things that work inversely to them. but I also saw quite a few 4% breakouts on the day and many of my “goto” stocks I watched showed some strength. There are still pockets to trade and maybe these are hints the market is trying to stablize but overall the price action has meen so murderous that only the most deft traders can get out alive. In chatroom we hit on quite a few good daytrades yesterday in ARIA, DUSA, SIFY, ACAD amongst others with some small losses in kutv and hl. Most traders if they cant daytrade in this environment they might need to just chill as you can enter swing positions and they turn into daytrades as the market whips back and forth. today the focus will be on the jobs report the numbers seem to be decent. Most people think a good report is good for the market. Historically the last year that hasnt always been the case often good reports get faded and the really bad ones get rallied. Its hard to tell till you see the reaction to the numbers so far in the last 10 minutes the SPY has made some movement to the upside lets see if it sticks. Ill be keeping an eye on for a fade just in case in the end the market wants qe3 and a really bad report might have given it to us.
all my bounce stocks from the blogs the last 2 days are in play..
we nailed sify and redf for both 1 dollar gains on the reversals last couple days…