The bulls started off strong on the week, but the bears quickly faded the gap – nonetheless, there are trading opportunities out there and plenty of them at that.
With this week being window dressing for the funds and considering how strong the first half of the year has been, I’ll be surprised if the market doesn’t finish flat to somewhat higher on the week.
I think this market is still worth buying because the market dictates that it is still worth buying. It hasn’t given the bears any reason yet to believe that it is ready to rollover. When that happens, you will want to look for key violations of support, with follow through that comes thereafter because lets be honest, when was the last time the market broke a key support level and followed through the next day?
It has been a while!
And until we can see a change in the behavior of stocks as a whole, there is little reason to be shorting this market with reckless abandon (not that you should ever trade with abandon, but you get the point!).
So check out my list of long setups below see which ones you like and what provides you with a solid reward/risk setup and let’r rip.