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
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In today's episode, Ryan answers the questions of one listener ranging from his transition from paper trading to live trading, and swing trading to day trading. Also addressed is his approach to trading, specifically Fibonacci retracement levels and why Ryan prefers Pivot Points instead.
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