Last day of the trading month and we find the bulls gettting through October relatively unscathed. However, the tides seem to be changing, and yesterday’s rally seems to be more off of a bounce from oversold conditions rather than a true buy on the dip opportunity. In fact, the volume wasn’t all that impressive on any of the indices, particularly the NASDAQ, so there wasn’t this overwhelming feeling of conviction from the masses with the rally.
Overnight we saw Asian markets trade up as much as 2.3% while European markets traded mixed and flat on the day. On the economic front we have a number of reports coming out today as in the Personal Income and Outlays, Employment Cost Index, Chicago PMI, and finally the Consumer Sentiment report.
Here are Today’s Trade Setups…
Bullish Candle Setups: BDX, FADV, AGN, SEIC, ODP
Bearish Candle Setups: MCO
Stocks Ready to Bounce: AAWW, NIHD, NTRS, CAL, WFR, SEIC, EAT, MKSI, FHN, SMRT
Stocks Ready to Pullback: None
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