Best Trading Ideas for Stocks
Yesterday we saw a prolific collapse in equities. It appears that the risk-on exuberance has faded and the reality of persistent global issues has sunk in. Stocks woke up from their stupor with a gigantic hangover. We outlined all the levels of resistance well, but we admit that the extent of this selloff caught us off guard. This is why tight stop losses are important. After all, if you don't get a good price, it's better to let go and wait for an even better one.
In the over night session, stocks have bounced back a bit after plunging through a vacuum zone, retracing June's move. Currently, they are facing resistance at 3071, a level we have identified a while back. After such a crash stocks are likely to try to find footing in this area. Currently the Ghostsquawk risk sentiment is tilted to the risk-on side, but this could change on a dime. In the larger picture, the Elliott Wave suggests that this is a reasonable retracement for an overall bull phase.
Today could be very dangerous to trade. Rather, it may be a time to pick up some stocks on discount, or add to your existing holdings. After all, 2008 proved that some companies really are too big to fail, so now is the time to buy on dips rather than sell in a panic.
In the over night session, stocks have bounced back a bit after plunging through a vacuum zone, retracing June's move. Currently, they are facing resistance at 3071, a level we have identified a while back. After such a crash stocks are likely to try to find footing in this area. Currently the Ghostsquawk risk sentiment is tilted to the risk-on side, but this could change on a dime. In the larger picture, the Elliott Wave suggests that this is a reasonable retracement for an overall bull phase.
Today could be very dangerous to trade. Rather, it may be a time to pick up some stocks on discount, or add to your existing holdings. After all, 2008 proved that some companies really are too big to fail, so now is the time to buy on dips rather than sell in a panic.
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