Friday, July 23, 2010

State of the Stock Market - 7/23/10

Short post today - I was gone for the afternoon and have to go to a wedding tonight, but today was a very positive one for Wall Street.   I wasn't really sure what to think of things midway through the session because the market showed no follow-through from yesterday's nice gains, but it also didn't sell off hard and reverse those gains like it had quite often in previous sessions.   The afternoon action, however, made it clear that the bulls are in control right now and going long some stocks is the right play for the time being.  We'll see if the market keeps acting super spastic and is down big next week, but as of now, things look good.   The trendlines and moving averages that were overcome yesterday should now be support on any pullbacks, which could come next week as a way to test whether this move to the upside is legit or not.

I made one trade today, entering WPRT at $19.16 this morning.   It acted very well and I am hopeful I can hold this for more than one day.   That hasn't happened for a while.   There are other setups and I watched some but didn't bite as I was not at my computer this afternoon.   If this is going to be a big move higher in the overall markets, there will be plenty of time to get in and that's what I plan on doing.   I'll try to get another video up this weekend looking at the best stocks in this market - until then, have a great weekend!

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