The market opened strong, then was hit with brutal selling. A couple of stocks that I was holding from yesterday were stopped out, but I was able to hang on to the strong ones, which rebounded in the afternoon and held up through some late afternoon selling. Today’s action was either bullish or bearish, depending on who you talk to. But it was a distribution day for both the Dow and S&P 500.
Two stocks from the Watchlist triggered, but both were not impressive breakouts. I took KIRK out of sheer boredom, not very smart of me. It moved a little, but because this is a small position, I am still holding it.
UMC was the other trigger. I didnt take it, so it remains on the Watchlist.
As mentioned above, I held on to some triggers from yesterday through this mornings sell off, and they re-bounced. The best performer was HITK.
ILMN also held up well today.
I had a very nice day trade in DSCO yesterday. I was pretty proud of myself that I sold it near the high of the day. However, I would have done better holding it. It gapped up around 50% today. That put me in a sour mood this morning.
Gold put in a strong day today. I am still holding GLD from earlier this month, and wish I had continued to hold on to CDE. I mentioned this one today on Twitter as one to watch. It put in a great day today. Gold stocks may be worth watching here.
We now enter October, historically the worst month for the market.We will likely see volatility return, which makes swing trading very difficult. I am looking to mostly day trade here.I have a lot of charts that I like, but I am not overly bullish.
Disclaimer: These are not buy recommendations, but simply stocks I will be watching tomorrow. I may or may not buy them as they trigger, depending on my own analysis at that time.
Good luck and good trading!
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