https://screencast-o-matic.com/watch/c3Q0FzVOJmdExtreme fear is in the air as the market gaps down at already oversold levels. Even stocks that have been holding up and showing relative strength like CELH, OXY, DKS, DECK and TSLA are getting hit hard today. Are we nearing the 'rubber band" spot, where strong reflex bounces come into play? History tells us yet. Stochastic readings are about as low as they can go, with SPY at 2 and many stocks in the 1-7 range (20 is considering oversold and 10 extremely oversold). During the current bear market, we've bounces at these levels every time. While it is tempting to take some shots here, markets can get more oversold. Best bet right now is to wait until next week for some signals of reversal. If looking to short, it's best to wait for consolidation or bounce. As a general rule it's not a good idea to short at oversold levels. Stocks on watch include NFLX, DECK, DKS, CELH, ADM, NUE, OXY, APA, HAL, GOOGL, DIS, AMZN, SQ, CWH, PYPL, SPOT, CMG, AXTI, FAZ, SPXL, TQQQ. Keep an eye on UUP (US Dollar), which has had an inverse relationship with the market. It is very extended to the upside and today's gap up has the feel of an exhaustion gap. Current positions: NoneBig Tech Stock List: AAPL, META, MSFT, NFLX, GOOGL, AMZN, MSFT, NVDA, CRM, ORCL, AMD, TWTR, DIS, JETS, BJK, PEJ, RSP, QQEW, EWZ, FXI, Key ETFS: SPY, QQQ, IWM, UUP, UVXY, ARKK, IGV, SMH, XLC, IPO, XLF, XRT, XHB, XLV, IBB, XBI, XLE, USO, DBA, DBB, XME, GDX. GLD, SLV, TANhttps://screencast-o-matic.com/watch/c3Q0FzVOJmd
Market Speculator Part-Time | Swing Trade Report
Paul
Singh
•
September 23, 2022

