morning folks. futures indicating a slightly lower opening as traders/investors still remain pessimistic about the economy. We did have a decent tradable bounce yesterday with all the major indices finishing higher. The close was a bit of a whimper but thats gonna be typical after such a losing streak as everyone wants to lock in profits quick. There was nothing from underneath the scenes to indicate yesterday was a major reversal. Breadth numbers were just so/so. We only had 150 or so 4% breakouts which is pretty weak for an oversold bounce. You want to see a wide swath of stocks breaking out to the upside when you get a market bounce off such a losing streak. 300-400 would tell me there was some real buying. We still closed above wednesdays high on the s&p as with anything in the trading game follow through is key. With Bob the Bear and his merry band of ball fondlers running around town prancing in their new stiletto’s many traders are afraid to size into any position or hold on for more then a hot second. Regardless stay in the game..keep ur position sizes a bit smaller till we get a few strong days paired together. Bear market trading tactics are needed for next couple weeks.
stocks im watching