|Day Low/High||5.15 / 5.88|
|52 Wk Low/High||5.76 / 29.13|
When a position is too big, the likelihood of a panic sale increases fast.
With the indices finally joining the party to the downside, we have the potential for some bottoming action.
There's isn't any rush for the exits, but no rush to buy either.
My positions change very fast and I'm actively trading all these names.
There just is no appetite right now for buying strength.
Pockets of speculative trading are narrower, but the appetite for action has not disappeared.
Many of the stocks favored by speculative traders are coming on strong.
This kind of market action eventually leads to attractive stock-picking opportunities.
And that's going to stick around for a while longer.
I'm working on positioning in front of some earnings reports where the companies report Tuesday after the closing bell.
Traders quickly gravitate toward whatever happens to be working, but they don't necessarily stick around for long.
It was one of those days when the indexes didn't do much, but traders gravitated toward stock-picking and found some good action.
A number of gambling stocks are up on word that DraftKings plans to buy Golden Nugget Online Gaming.
This name checks all the boxes in terms of price action and secondary indicators and has a longer-term bullish pattern.
I don't want to sound negative as it's a major positive that there isn't aggressive downside follow through.
There is so much going on right now that it is overwhelming.
All these names, I believe, have potential positive catalysts, but they all can drift lower in a poor market.
It's premature to predict that a low has been made, but plenty of stocks are quite washed-out already and are starting to find support.
After the chaotic action Tuesday, I am looking for a renewed focus on stock-picking.
If the indices were a stock, I wouldn't buy them, but there are many individual stocks that look quite appealing.