Yeah, Friday was good for the bulls, especially considering the two days of selling that it was coming out of, but prior to the market open today, the bears rushed crude, and drove it all the way below its August lows and down to the 2009 recession lows. So obviously the market and stocks follows suit with the same fervor to the downside as oil managed to exhibit.
There has been no attempt to buy this dip just yet, and while it can never be ruled out, the bulls better act quickly here if it intends to save the day. As for me, I’m pretty strong to the long side, and if the selling persists into the close, I’ll be closing out some long positions that isn’t holding up well to the heavy selling that has been seen in three of the four previous trading days.
From the list below, there are actually plenty of stocks holding up well against the onslaught of bears today and could be worth pulling the trigger on if the market can ever come around to finding a bottom to build off of today.
Here’s the bullish list of trade setups:
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