It has been a long time since I have seen such a paltry collection of long setups. I guess when the Dow drops over 1,000 points in less than two days, then I can understand why that would be the case.
But here is what you have here. You have two massive gap downs on back-to-back days. You have a shock news event. You have governments and central banking trying to figure out what needs to be done to pop this market.
The probabilities are starting to lean towards a bounce here. We still may see some weakness first, but I think on a risk/reward basis, the bulls hold and edge here, even if it does just result in a dead cat bounce. Any bounce you get, you don’t want to marry your portfolio to it.
Below I’ve got a few stocks that I am watching. I expect to add more to the list in the days ahead, and not all of these stocks will setup like I want, but it is a list of stocks that I think could afford some nice bounce opportunities today. I’m currently and still remain 100% cash.
