On Sept 24th I was looking for a nice bounce based on the 60 min time frame and the market gave us that and a nice follow through day. But now we have another interesting set up, one that I am calling for a decent rally starting tomorrow. I am not looking to call size but would not be surprised to see a candle that mirrors the one we had on August 26th after the corrective move.
Here are some things to look at:
End of the quarter
End of Sept (Historically very bad)
Beginning of a historically bullish 4th quarter
Time Frames: Daily and 60 minute have cycled down and are both oversold.
Not to forget the Carl Icahn video warning of a market meltdown.
Thanks Uncle Carl that just might have been the icing on the cake.
and the biggest factor in my opinion is the amount of bearishness in the markets right now, specifically the amount of chatter from traders and market followers that we are going to take out August 24th lows. This is basically right here now and seems so easy to do...right. Of course this could play out to the downside but I think to much focus is on that right now and at one point tomorrow we get the rally and a decent one. This video goes into some stocks to watch also FB, WMT, HP, XOM and more.
Tomorrow should be a fun day to both trade and watch
see you on the show www.daytradingradio.com