{+++} It was a decent day for the bulls and maybe they can run this now for a week or two, we’ll see. The volume was still lousy, so it wasn’t a reversal day for my money. The dollar went down a little and stocks were up as the risk trade was put back on, at least for one day.
The SPY etf traded 333 million shares on the down side Thursday and traded 236 million on Friday. Today’s recovery bounce saw only 166 million shares. So down volume is still much more substantial than up volume days. The folks in the Greek Parliament said all the right things today and so did France, but there are some heavy duty protests (riots?) scheduled for tomorrow.
Shorts got squeezed today, but what the bulls desperately need is an all important follow through day to the upside tomorrow. A sell off of any magnitude tomorrow would render today as just a hiccup.
We saw some triggers today from the long side and none of the shorts triggered. One day does not a trend change, make so I will leave them on for a few days and watch them closely. My wish is to get some names off the list and focus on the triggered names.
I still suggest you trade smaller this week and treat your P&L as a business. Use common sense and don’t be a hero. I call them as I see them so I have ONE MORE chart for you to look at tonight. The stock is AVAV.
Please read the P&L tonight so you can see what triggered. Have a great night and I will see you in the morning.
