Morning folks. Big gap up today on the spy up .88% premarket. These are tricky days to trade as many of our stocks will gap up above their trigger prices and the upside is more limited with such a early pop. We do have some data coming out in a few minutes that could change things before the open. Keep an eye on the Russell today. WE are right on 200dma if the market is going to have a sustained bounce we need to have the russell2k lead us all the way.
Yesterdays action for the most part was pretty positive that's how lows are formed with a bit of chop and some backing and filling. With such a big gap today…I'll probably sit out the first 1/2 hour and see how things shake out unless I'm taking a very quick trade/scalp. Follow through is key. A gap up is just a start when market gets oversold a relief bounce is always in the card. Key is what happens after this gap up…follow through. Do traders look at the gap as a way to just unload some of their longs and raise cash or do we see buying??
stocks im watching
watch mgic mgm zlc rsh for big squueeeeeeeeeeeeeeeeeeezes
