U.S. Stocks posted modest gains today on lighter volume and within a narrow trading range. Most of the major averages are bumping up against one of my moving averages, and they appear to be setting up for a quick move to the downside. A broad range of industry groups posted gains today, but none of the biggest winners today are among the groups that have performed the best in recent weeks. In fact, it looked like some light bottom fishing in some retail and financial stocks today, but their price patterns look ominous.
With all this in mind, daytraders should probably have a bias to the short side for the next couple of days. At the end of the week is the big 4th Quarter GDP report, so if you are short term trader, be very wary of holding a position overnight after Thursday's trading.
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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