No Follow Through
Lately, nothing seems to follow through
either daily or even intraday. Therefore, remain nimble and keep positions
light until conditions improve.
There’s not much to look at tonight. Sectors
that looked like they had potential coming off of bottoms and first pullbacks
may be stalling out with the rest of the market.
Once again, the banks
(
$BIX.X |
Quote |
Chart |
News |
PowerRating) continue to
drift lower (a) but are holding up fairly well in spite of the overall market. This suggests that they still have
the potential to rally out of a high-level cup and handle. Look for buying
opportunities in calls and call spreads here but only if they begin to show
some follow through to the upside.
The transports
(
$TRX.X |
Quote |
Chart |
News |
PowerRating) have also
formed a high level cup and handle. Look for buying opportunities in calls and call spreads here.
Best of
luck with your trading on Friday!
P.S. Reminder:
Protective stops on every trade!