Happy Hump Day to you. Once again, the markets are showing some bullish undertones heading into the open, with the exception being the Asian markets which on average fell by about a half percent, while European markets are trading in positive territory with gains of about 0.6% and trending upwards. Currently US Futures are holding strong with the Dow up 20 points, NASDAQ is flat, and S&P up about 1.5 points. On the economic front, we have Consumer Price Index coming out at 8:30am EST along with housing starts at the same time as well.
Euphoria has undoubtedly set in on this market but that doesn’t mean that it is going reverse course and head downward anytime soon. When the day that it does comes around, it will be one heck of a shorting opportunity, but right now, shorting the market is a capital killer I’ve learned (I’m going out on a limb here!). I posted a stock screen last night, which is definitely worth checking out too.
Here are Today’s Trade Setups…
Bullish Candle Setups: PZE
Bearish Candle Setups: AWH, STP, ASML, EPB
Stocks Ready to Bounce: WGL
Stocks Ready to Pullback: None
Breakout Stocks: CBY, LFT, PRA, POT
Breakdown Stocks: ILMN