It was a down day for the overall stock market, following the chop-shop of China, still there is only one way to describe today’s intraday session and that is bullish. I know the market got off to a rough start, but to come back like it did, close above the midpoint of the day on the majority of the major market indexes, and to rally with volume rising, I have to say that today’s session was a victory for the bulls. We do have more possible future short candidates after today’s session but the number of shorts in all my scans were still below 10 each (well below on two of the three). With that small amount of shorts, along with none of them being close to being in a shorting position yet, there is only one way to call today and that is constructive for the bulls. The markets need to pullback and consolidate gains to make more price gains. Sometimes during pullbacks you can get hints to if you are topping or if you are going to continue to rally and right now it appears, with this current pullback, that eventually we will be moving higher, once again, some time in the not-too-distant future. ACN, PNY, CTRN, WCC, PBR.a, PBR, GLW, CCJ, AZO, CMG, and BHI were all in my short scans and all could one day be shorts but for now they are still technically in “uptrends (prices above the 200 DMA and 200 DMA in uptrends)” besides PNY. PNY was almost a short today but a couple of things were problematic for me. First was that the stock did not close at or really really close to the LOD. The second was BOP. It is negative but it is not red and that is something I want to go short in this resilient market.
new short positions: none
none
