So where do we go today? Does the bears add to the pain the bulls are currently experiencing, or do the bulls use this as a buying opportunity to buy some stocks on the cheap (relative term at this point). Ultimately, we are going to be heading lower, whether that means today or not I don’t know, but don’t be surprised if we get a traditional dead-cat bounce.
In the early going though, futures are down (DOW down 18, NASDAQ down 3 and the S&P down 2). Extremely important yesterday was the fact that the S&P dropped below the all important 1000-mark. Most of the afternoon was spent with the bulls passionately defending this psychological barrier, only to fail at the end. Asian markets overnight, sold off pretty hard last night (as much as 2.3%) and the European markets saw declines of about 1%.
I wasn’t incredibly excited by the screen results that I go this morning, but nonetheless there are a few opportunities intertwined in there.
I will also look to get out of CF today, and will keep you posted on twitter with exactly what I do in regards to that – So stay tuned.
Long Setups: AMKR ELGX, IPXL
Short Setups: CSA, ELX, GNTX, SKH, TDC
By the way – a new trade setup that I put out this morning. You can find out what it is by joining SharePlanner for Free!