Momentum Trader Report: 11/26/08

26 Nov

Posted by Momentum-Trader as Momentum-Trader Report

Although it had a slow start, the market added to its gains with day #4 of a rally attempt. Nice gains were seen in many stocks, including recent triggers, but volume for the most part has been low, which puts the staying power of this rally in doubt. However, the price action is looking very positive.

The VIX looks like it wants to move lower. Just recently, I thought this was going to surge higher. Just shows how quickly things can change in this market.

There were two triggers from the Watchlist. The first was RNT, which ran very nice in the afternoon.

The other was FDO. It did not have the big run that RTN had, and closed slightly below the entry point, but still looks OK.

Yesterdays trigger EBS added to its gains but gave up a lot of its morning move.

Last weeks trigger HMSY continued to add to its gains.

Before sounding too bullish, I should point out that some of the inverse ETF’s, like SDS here, are sitting at support right now.

I mistakenly wrote in last night’s post that today was a half day. That will be Friday, and tomorrow will be closed. Friday should be a low volume affair, and I may not trade. I will wait and see what the action looks like.