Evening folks! another day and some more red in the sea! We had some signs pointing to a green day but of course the s&P rolled over and went red. That has been the pattern of late. Trades/investors are all very skittish and nobody is willing to hold a stock more then a few minutes it seems. You couple that with greece news being thrown out on the wires mid afternoon everyday along with an assortment of earnings blow ups and you get some bear market type action. It does look at times dire and frusterating but its important to remember we are really only a 1 week solid rally away from being right back to highs even though the market is red everday we are just slowly dripping lower we havent had any huge down days. Its been a very tradeable dip as the volatility is still pretty low.
One thing I have noticed in my scans today were that there are very few strong long setups but all the good short setups in the style that I like have already broken down and are starting to look very extended. Obvsiously they can still go much lower but its harder to time them when there is a lack of setup on the daily and they get too far from key levels.
If i see signs of a bounce Ive kept a stack of gold,silver,oil names to play. I think these will bounce the hardest. Lot of oil stocks that ive traded on and off for years are trading 50-60% lower then they were just a couple months ago.
exk, aau, bpz, ssn, sa, axas, mhr all on watch
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