Similar price action to yesterday. I think there is a good chance that we see more of the same kind of sideways to slightly bearish trading action.

Of course on Thursday you have the James Comey testimony, and I’ll refrain from calling it a big “nothingburger” because I refuse to say something just because that is what everyone else is saying. And besides I totally hate that utterly ridiculous phrase.

You also have the British snap election on Thursday too, where the conservatives are expected to hold on by a slim margin. Both the election and the Comeny testimony shouldn’t amount to much, though I think Wall Street is, nonetheless, a bit tense about the testimony, or at least waiting for it to clear the news wire before doing much of anything. If it plays out that way, you may see  a market rally following the testimony, at which point, you’ll want to have handy my list of bullish trade setups. 

As for my trade setups below, there are some fine setups – the ones I am watching the closest are: ACM, BAC, FINL, GNTX, GS, HUN, JPM, LUK, TROX and WMB. The big banks definitely have been on the radar for me both long and short, and I’m a bit surprised at this point that they still haven’t bounced to date.

Stocks Watch List

Instead of the 3-5% bounce I figured the big banks were due for, the charts, instead, keep getting worse. As a result, they are all at some significant support levels and ready to initiate the next leg down. 

So keep an eye out there and be ready to play your hand according to what the market sends your way. 

Here’s my bearish trade setups:

bearish setups comey nothingburger

 

 

 

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