We had a decent bounce yesterday in the indices with the $SPY and the $IWM both gaining 1%. However, both have already given up half of their gains in pre-market. Like we said in our last POST, the market is experiencing a little character change.
Traders don’t turn your trades into investments and investors don’t turn your investments into trades, know your timeframe and the reason why you got into the trade/investment in the first place.
A few Gold stocks (ABX, NGD, RGLD) printed inside days along with the ETF’S $GDX and $GDXJ, I always pay attention when volatile instruments print an inside day, they typically provide good signals when they break the inside day bar. In this case, I have an interest in $GDX and $GDXJ on the long side if they can break through yesterday’s high.
The same applies to high price liquid growth stocks, when they print inside days it provides a good trading signal, both $BIDU and $NVDA printed inside days, I have an interest in both on the long side if they can get through yesterday’s high.
Stocks move in short-term momentum bursts that last 3-5 days, the return within those days varies depending on market condition, size of the company (float, market cap). The list below is my swing watchlist for today, I have an interest in these stocks if and only if they can get through yesterday’s high plus .10-cents.