Hello Everyone,
Quick Notes: After yesterday's morning sell off and afternoon recovery off the lows, the market followed through to the upside in the morning with a gap up, but then mostly chopped around sideways for the rest of the day with the SPX only posting fractional gains, as well as the Dow. The Nasdaq and Russell 2000 however closed negative. The QQQ rallied off support yesterday and stalled exactly at previous support turned resistance. Was the bounce off the lows a lower high wave b and we
continue lower now, or more chop? We'll see...Remember Jobs report on Friday.
The energy area was the one stand out sector today, we've had some trade ideas in this sector such as XOM, PSX, CVX, and I added a few more tonight.
Crypto currencies had a nice rally today, especially for Bitcoin cash up 40%!!
For commodities, uranium and agriculture had a nice day, and especially coffee that gained 6.6%!!
Precious metals bounced back some today, but otherwise a rather small bounce and still choppy.
As far as trade ideas, some of the recent triggered shorts continued to follow through, and some of the recent long ideas continue to follow through such as CVS. CAT broke out from that list today, as did GVA, BPFH. As far as new ideas, I added some energy names.
have a great night,
Matt
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4/26: SPX DVT = 4089, 2 day candlestick chart 4025