01Apr2:59 pmEST

April Fool's Surprise for These Markets

Despite crude oil gapping down hard (and staying weak throughout the sessions) and a green Japanese Yen (FXY), equity markets are ignoring those markets are holding onto their upside reversals from early on in the session. 

I see a good deal of charts firming up and setting bases off of which to explode, as long as the broad market continues to improve and shake off weakness like it did this morning after the jobs number. 

GoDaddy is one such actionable long idea, seen on the first daily chart, below. Note price basing tightly just above all moving averages as support. The stock reversed to green this afternoon on a surge in buy volume. If we see some follow-through into next week we have this on watch as a long. 

On the other side of the tape, Ford and GM are noticeable laggards here. GM, on the second daily chart, probably makes for a good short next week if the market weakens, due to its relative weakness this week and precarious bear flag breakdown potential. 

Overall, the resilience of the broad market should be enough to keep traders off trying to nail a top with any type of aggressive. For now, paying attention to improved individual charts and simply taking what the market gives us is likely the best strategy. 

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