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Even though some stocks have quickly become extended, there is likely to be much better support on pullbacks.
It is still early, but the character of the market action shifted on Wednesday, and the potential for a new uptrend is increasing.
And there isn't much clarity.
While there is plenty of bearish macro talk, traders still have plenty of cash they want to put to work.
AYX needs a bump in trend and momentum. Until we see that, it holds a place on my Monday watchlist.
The question now is whether the lows that were hit on Wednesday morning will serve as short-term support as we move into earnings season.
Traders are doing what they do when there's volatility.
Let's look at the moves in this bitcoin miner, Hut 8 Mining.
Here are some moves I'm starting to make right now, why I'm waiting for others, and how I'm looking toward bigger buys.
This action should help to set the stage for some good trading into third-quarter earnings.
But aggressive action by retail traders is one reason that I'm not too worried about a substantial correction at this time.
Here is my trading game plan for the cryptocurrency miner.
There are better bids today, and breadth is improving.
There's isn't any rush for the exits, but no rush to buy either.
It's important to trade what's in front of you rather than worry about what will happen tomorrow.
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