Although the newsflow continues to support the bears’ case, they just haven’t been able to gain a real toe-hold. After a gap lower to start the day on Tuesday, the dip buyers showed up to prevent any real technical damage, but weren’t able to gain any traction either. There just isn’t much conviction on either side right now, but that’s the nature of the beast from time to time. Knowing when to be aggressive and press trades is a key part to success in the market. That’s the sexy part, but what isn’t necessarily as fun but equally rewarding is knowing when to trade tight.
We’re in one of those period right now where it’s easy to get whipped around if you’re not adjusting stops and position sizing in response. It also becomes even more important to stick with your process, and for us, that means chart work. That’s why we’ve got a back-to-back watchlist for you this morning.
Let’s take a look at some charts:
At the time of this post, RevShark had no position in any of the stocks mentioned.