Another late day selloff in the stock market on Thursday. But this morning we have a solid gap up approaching 1%.
Of note, almost my entire screen is green, the weakest being the metals. Even TLT is big up nicely before the open.
Volatility is extremely high now with 400 pt swings quite often. Keep that in mind when your position sizing your trades.
UPS is still in my swing trade positions. UNG was exited yesterday for a break even trade as the breakout on the 60 min chart did not hold.
I will continue to watch UNG for another breakout.
We are slightly oversold heading into this morning. Overall, today looks like it has some chances of follow through on the upside unlike earlier days in the week.
In addition, there is some end of month variables that should be considered that are very bullish. They kick in today and last until the 2nd of next month.
Of course, the markets are always susceptible to news shocks. But in this day and age that is the risk, you take as a swing trader.
I am looking for a trade this morning in ANET. The stock right now is gaping up about 1 % so I might leg into the position. But with the bullish end of month, this stock looks primed for a nice move to the upside for the next one or two weeks.
Its the best stock on my scan this morning and I am going to get in sometime shortly after the open.
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.
It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ’s Handicapping Picks