Just a weak day, not much can be said about today's action. The best place to be was on the short side, and one of our picks, Schnitzer Steel, was off 11%. Unfortunately, most of this move occurred in the first five minutes, so it was not a good trade for our basic opening range breakout strategy. However, it did provide some good scapling opportunities for traders who like to be more active.
Unless we get some big news over night, I expect Tuesday to be a bit more quiet. We often get a bit of a turnaround on Tuesdays, particularly after a couple down days in a row. And, considering the size of today's move to the downside, there will be more opportunities on the long side for the next couple of days.
Good Trading!
Scott Cole
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