It is a little thinner than usual, but the bullish watch-list still has some potential plays worth keeping an eye on.
Though we have seen much more selling than usual in the stock market of late, one thing is certain, the bulls keep bouncing price in the afternoon. The bulls are showing a resilience that wasn’t there before during the sell-off in the first quarter of the year.
I’m also skeptical of how much more downside this market has before we see a substantial bounce, because nearly every indicator appears limited in further downside at this point. Right now, 28% of stocks are trading above their 40-day moving number – not an extremely low number but still a reading that can initiate a bounce. Preferably, I like to see readings in the single digits before I get notably aggressive on the bounce plays.
Right now, I have one long position, to test the waters to see if the bounce off of today’s lows, wants to stick or not. If it does, I’ll add some more positions.
Here’s my bullish trading watch-list for swing-trading:
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