I was actually long momentarily this morning, but now I’m not.
I have trust issues in this market. Who can blame me.
I came in 100% cash, as I didn’t trade at all on Friday, and early on this morning, I added AMZN and V. The former I closed out for a quick 1.5% profit, while the other I closed for a flat result.
Typically when you have a bounce, you have higher-highs and higher-lows on the intraday 5 min chart. However, all we have seen so far this morning is lower-highs and lower-lows. That is not a recipe for success, my friends, and as a result, I’ve gone back to cash. I considered a long position in SPXU, assuming market conditions will continue deteriorating, but I’m not so sure about that either as the volume on the day is less than convincing.
Below, I’ve put together my weekly watch-list for swing-trades to the long side. There’s a handful of stocks in the list below that show this market holding up quite well over the last two months, but most of them are bounce opportunities, and if you are going to take on any risk, the stocks looking to bounce are the ones that tend to be the best risk/reward scenarios.
So check out the list below, and decide for yourself, which ones work best for you.
Here’s the bullish watch-list: