I know we’ve been saying this a lot lately, but this recent market action has been giving traders fits. Ever since the initial tech reversal about a month ago, there’s been some vicious rotations under the surface, and what’s made things particularly challenging is that market’s been changing its mind faster than your typical politician.
As much as some folks have been grumbling about the action, traders have been clamoring for some increased volatility for months, and now we’ve got it. The important thing, though, is understanding that you need to be quick on your toes and be ready to react as rotations take place. We’ve been expanding our scans as we hunt for chart set-ups and adjusting our timeframes. Whether or not this back and forth action results in a more significant pullback remains to be seen. What we do know right now is that this market has been offering up some pockets of action, and that’s where we’ve been focusing our efforts.
Let’s take a look at some charts.
At the time of this post, RevShark had no position in any of the stocks mentioned.
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