Yesterday was what I would call a swing day. The markets reversed the previous two weeks of correction with a significant end. With a few exceptions. Whether this will be a true reversal only the next few days will tell. It could be a consolidation as the DJIA suggests between the 10100 and 10300.
Swing days tend to be cautious only because traders have been conditioned to a trend and now not only do they have to switch directions, they have to trust that the new direction will continue. So being alert is extra important. It happened with DTO. Sensing a direction change, I posted this pick in the subscriber section yesterday yet, I was suspicious about its reversal, and kept vigilant and as it played out with the market to close near bottom of the day. It turned out to be a nice 4 point play. It is these type of trades that I feel worthy to hold over, because the direction and momentum is well defined. When holding over, I don't hold a large position; I only carry a small one. It's because I don't like to give back what I have gained and I figure I can add to my position if my calculation is correct, the next day.
I try to pick stocks for The Play List which can be executed more than one day during the week and perhaps even more than one time during the day; and although I do not actively have time to announce each possibility, I hope that subscribers and followers try to see if they can capitalize on them. And enjoy a swinging day with Sinatra to keep you company:
Happy Trading, Living and Dancing
For additional Plays SUBSCRIBE to The Play List free for a limited time
Today's Play List: DTO
Posted 05:33 Eastern