Well, Wednesday was a one hit wonder, as the Bear returned with a vengeance on Thursday, wiping out of Wednesday's gains, as the Nasdaq finally closed below its November closing low. I felt like today would be a quiet day, but news that GM can not continue to operate as a going concern if its viability plan does not work. Can we rally from here? Yes, we can, but it will take some sort of big surprise or catalyst.
Hopefully, if you had any long positions yesterday, you closed them out at the close. The market opened sharply lower today, then continued lower. Not a good idea to hold short term long positions over night in this type of market.
You will notice that there are not many picks for Friday's trading. The market is deeply oversold, so it is possible for a quick turnaround, especially on an intraday basis. However, there are not many stocks offering decent buy setups either, since few are showing much strength in the face of this huge down turn.
Friday we have the release of the February employment report watch for that and see how the market reacts!
Good Trading!
Scott Cole
www.bestdaytradingstocks.com
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