Momentum Trader Report: 07/01/08

The market began the 3rd quarter with some violent, high volume whipsaw action today. There was a nice reversal at the end of the day, which could be a bullish sign.

Notice how the S&P 500 came close to the March lows, then reversed, forming what looks similar to a bottoming tail.

There were no triggers from the Watchlist, although ARD came very close at the end of the day. I will be watching this one especially close tomorrow. The chart looks similar to ATW before it ran last week.

There have been some great picks in the comments section recently. Here was one mentioned by a reader on Friday. It broke into new highs today. I am kicking myself for not taking this. It looks like it wants to continue moving higher from here.

If you have some stocks that you’re watching and would like to share, feel free to post them. It would be great to have traders share their ideas there.

With the market still very oversold, we could see the beginning of a rally soon if we get some continuation.

Trade Ideas for 07/02/08:

Good luck and good trading!