Despite the massive market selloff there are still some names that are still strong. You need to know the difference. For example SBUX is picking up steam but will probably have a blow off top soon. We are up 89%, 130%, and 36% on 3 open trades.
Thursday’s action finished strong and above the 50 day MA.
Nasdaq, which actually overshoots key inflection points actually held the 50 day to the penny and bounce. These are both good signs.
The problem here is the volume was heavier on the sell off days than on the bounce days. Even though we value where price is first and the volume that confirms it second, this type of negative volume patterns is very characteristic of a bear market rally or a dead cat bounce (A light volume bounce in a downtrend) We will remain cautiously optimistic.
URI had a big day but unfortunately we were stopped out at breakeven a couple days back
RAX is still holding support
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