02Dec1:37 pmEST

Chopping Away at the Choppy Action

sn6wdsw The market bounce today is chopping away at momentum traders, as the individual stock action appears lethargic on many fronts. Sure, issues like DGLY  TASR are giving action. But plenty more, such as AMZN GOOG PCLN TSLA YELP, are in the red and notably lagging even an oversold bounce. The IWM ETF 30-minute chart, first below, shows the small caps trying to stabilize after a two-day plunge. I view $115.80 as being a key level, just below, which bears want to see cracked and bulls want to hold. Also note silver, on the 30-minute chart for its ETF, second below, outperforming the rest of the metals and miners today on that sector's consolidation after yesterday's massive rally. Energy stocks are bouncing from badly beaten-down conditions, and I am inclined to not reinitiate a short yet. Finally, nice action in the RRGB long idea today. IWMSLV

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