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Just a Quick market review and then I want to discuss some fast trades for those that like to trade, but aren't ready to buy & hold quite yet.
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SPX - I discussed the reversal and likelihood of that low to be in place for a bounce / rally. Thursday did put a swing low in place and the timing is right for a low. We do not have a break above the 10sma as confirmation yet , so the safer trade lies ahead, but some may have wanted to buy the swing based on timing, and place a stop below the Wed lows.
SSO, TQQQ, etc can be traded coming out of the lows, with a stop just below recent lows.
Read MoreThe Dow Jones Industrial Average was down over 550 points yesterday and then rallied back into the end of the day, putting a form of reversal candle in place. Thursday morning the futures are RED, but we are at an extreme point that calls for a bounce/ rally. Yes it could last for days and weeks, but is the selling over? Lets review the markets and some stocks.
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The SPX put in a large reversal candle too, after breaking below the August lows. 1730 is a normal downside target, but I think we rally first. It should be easy to get a swing low. A move above yesterdays highs begins the process.
What do I expect from this move higher after it starts?
Read MoreYes, Gold has a bullish looking set up, and miners not only sold off, but they broke to new lows. We will discuss that, but first lets take a look at the rest of the markets.
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NASDAQ - The futures are up over 100 to 200 points each morning, but the rally fades. What to do?
Here is the SPX ...
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