Along for the Ride

After some immediate selling at the opening bell which erased a pre-market bounce in U.S. stock index futures, buyers reasserted themselves for a broad market bounce from oversold conditions this morning. Short-sellers who got carried away with that opening fade are now in a bit of a hole. But, to be sure, the overall corrective structure of the market is far from healed. 

I am looking to see if the bounce can hold into the afternoon, perhaps setting up an end of month/end of quarter reprieve for trapped longs into October. After covering a FB short yesterday inside Market Chess Subscription Services, I am back to flat with an open mind that the market is still a high risk setup to both sides of the trade at the moment. 

One relative strength name we have been pointing out for Members has been Pandora, a junior growth name showing much better technical of late than LNKD TWTR YELP. The short squeeze/buyout play has held over $19.20 thus far, and as long as that continues to be the case I believe the name is worth monitoring, but likely is only worth the trouble if the market at-large improves from here.