Pretty great day in the gone-long options world.
Bought the Wednesday 287 call based on the immediate post below speculating that today would be a turnaround day suggested by history and by David Bergstom’s analysis at the “See It Market” site.
Several notable stocks were also up more than 3% from the open: NFLX, AMZN, BABA, and AAPL almost at up 2.95%. TQQQ, the Nasdaq 3xLeveraged ETF, was up 3.8% from the open.
All of the swing signals – based on Price, Breadth and Volatility – are on buys and even the all important long-term breadth is threatening to go positive.
It would appear we are entering a seasonally positive time.
On a stock trading note: four of the 10 stocks in my bellwether stock list have a good chance, if the market rallies as is likely Tuesday, of following the market:
See the positive candles today on each of those stocks on the chart panel below. Like the stock market itself, expect stocks that are up to follow-through and go up until they don’t. And, of course, if the market rallies it is also likely AAPL will again participate (always good for a bounce, a scalp, or an option-play).
SWING TRADING SIGNALS:
LONG-TERM BREADTH: Sell (Day 20).
PRICE: Buy. (Day 1).
SHORT-TERM BREADTH: Buy. (Day 3).
VOLATILITY: Buy, (Day 3).
SPY CLOSE – 258.30
QQQ CLOSE – 153.87
CNN MONEY’S FEAR AND GREED INDEX: (50, rising, neutral level).
NIFTY-50 STOCK LIST: 35 Buys; 16 Overbought, 6 Oversold, 1 new buys today, 6 new sells.
(click on the chart for a larger view)