After a disheartening session on Friday, where the bulls gave up most of their gains after a very positive jobs report, they will try to wipe the slate clean today and rebuild that positive momentum that they have had for much of the year.
No major reports to speak of today, however, Uncle Benny speaks at 12pm EST and I’m sure every word will be scrutinized and reacted to on the market. Currently, the futures have the Dow down 35 points, the Nasdaq down 7 points, and the S&P down 4 points.
Gold is down another whopping $28 right now, which a) doesn’t bode well for the market b) helps the dollar out significantly. The decline in gold on Friday, is the major reason, I believe, we saw the huge intraday sell-off.
Here are Today’s Trade Setups…
Bullish Candle Setups: FRED, DIN, WU
Bearish Candle Setups: CEG, CE, EXC, PEG, DUK, BGY, ACH
Stocks Ready to Bounce: FRED, APEI, AGII, WU, PLX
Stocks Ready to Pullback: NSM, HYT, HIO, NIO, SCG
Breakdown Stocks: None