This is a tough market, no doubt, and while conditions are quite oversold, there has been a lack of a bounce with the equities.
My watch list has about 20 less stocks than what it has been over the past few months. My objective right now, considering current market conditions, is to simply find those stocks that are showing the best chance of a meaningful bounce off of key price support or a rising trend-line.
The bounce last Tuesday followed the “buy-the-dip” playbook, but the four days since has been absolutely dismal, with today marking the full and complete give-back of all of Tuesday’s rally. For me, I remain light, I am tinkering with a couple of long positions, but I am not heavily long at this stage of the game, and don’t plan to be until we see the bulls pull it together a rally in a meaningful way.
Here’s the bullish watch-list I am tracking:
