Markets are flirting with oversold conditions on a short-term basis which could create a bounce in the markets to relieve some of the pressure. Whether or not this happens will depend on the GDP and jobs reports and that is due out at 8:30am EST today. If they disappoint, we could see another punishing day for the bulls, but if they are okay or exceed expectations, the bulls will have a very strong showing.
Overnight, the Asian markets saw losses range from .6% to as much as 2.3%, while European markets are currently trading flat-to-slightly positive on the day. Besides GDP and Jobless Claims, you also have Timmy “I don’t pay my taxes” Geithner speaking.
Here are Today’s Trade Setups…
Bullish Candle Setups: OMI, CRI, OFG, ATK, UNP, WTNY
Bearish Candle Setups: MCO
Stocks Ready to Bounce: TQNT, STT, ASTE, CHBT
Stocks Ready to Pullback: KFY, VAR, ISF, PIKE, MELA