Stocks opened the day quite strong, recovering almost all of Wednesday’s losses, before pulling back in the afternoon, and closing in the lower half of the trading range on Thursday. The initial impetus to the upside was decent economic data in the morning, particularly the retail sales report, which came out stronger than expected. The market clearly was affected by the performance of Crude Oil on the day, which opened much lower, only to rally significantly from its lows to post a modest gain. The chart pattern for the last few days suggests that Crude Oil may be ready to try another move to the upside.
Thursday's list of daytrades did nothing, as they were essentially long picks. None rallied enough to initiate a trade, and some actually sold off sharply.
On Friday, the overall market bias is to the downside. Watch out for extra volatility as many traders take a long summer weekend, which will result in lower volume.
The list of potential long trades for Friday is relatively short...CNQ and SPW. On the short side, the possibilities include EWZ, FSLR, WYNN, CSIQ, GRMN.
As always, wait for the opening range breakout before entering any new positions!
Good Trading!
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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