What a rally we got yesterday and whether or not it continues for us today willl all depend on the employment report that comes out at 8:30am EST. I’m 100% cash right now and plan on staying that way at least until after the first hour of trading is complete and the employment number has started to sink in. There was a part of me that so badly wanted to get in a few positions at the close yesterday to try and benefit off of the action that ensues once the report is released, but doing so would be more on rolling the dice rather than on technical analysis. So I’m holding off right now.
We got similar action from the Asian markets last night, with rallies ranging between 0.7% and 1.6%, while the European markets traded flat on the day. US Futures are exhibiting a slight positive bias as 11 points, 3 points, and 1.25 points for the Dow, NASDAQ and S&P respectively. Besides the all-important employment number coming out this morning, we also have Consumer Credit at 3pm, but don’t expect that report to play any kind of role in the market today.
Here are Today’s Trade Setups…
Bullish Candle Setups: GRMN, KNL, FMER, BXS, TSPT, M, FMBI, STEC
Bearish Candle Setups: TDC
Stocks Ready to Bounce: CMCSA, ASF, FMER, CIR, KNOT, COCO, EEFT, KNL, CW, UNM, ENR, ACTU, TNL
Stocks Ready to Pullback: None
Breakout Stocks: FDS, MELI, RX, NPD, LMDIA, RVSN, PBH, PTI
Breakdown Stocks: Coming Soon!