Another volatile day as SPY broke though the 200 dma before remounting on strong volume. The "hammer" formation on strong volume is a sign of near term strength, so the expectation is for a bounce in the coming days. This does not mean the idea of a deeper correction is over, only that an oversold reflex bounce is in play. As with the market, some beaten down sectors put in strong hammers. The sectors we are keying in on are energy, China and casinos. Tomorrow we will watch these sectors for good low risk entries.I was stopped out of SPXL and FEYE today for small losses. Still holding GPRO short and VXX, both could get stopped out if the market bounces.I entered 3 stocks at the end of the day: CYBR, ERX (energy 3X ETF) and FIT (see video for discussion).In today's video we discuss the market hammer formation and intraday volume, possible bounce, today's entries, oil, casinos and China sectors, along with strong relative strength stocks.Trade Report Video:
https://youtu.be/hMFfGrpfQucFocus List: (see video for setups) We are watching oil, casinos, China and strong relative strength stocks.Energy: CHK, EPE, DNR, WPX, OAS, DIG, ERXChina: YINN, FXI, WBAI, WUBA, SINA, BIDU, BABA, BITACasinos: WYNN, MGMStrong stocks: MBLY, FEYE, MNST, GUID, GWPH, WING
