The NASDAQ rose 1.95% on heavier volume and followed through on the 6th day of its rally attempt yesterday, which puts the market back into uptrend status.
Fortunately, there has been no shortage of high-quality growth stocks that have continued to exhibit strength and resilience since the sell-off began about two weeks ago. Also, most companies have already reported their quarterly earnings and there are plenty of sound bases forming among the market’s broad-based leadership.
So, continue to keep track of the strongest stocks in the strongest groups, with the best fundamentals. Set your alerts and then begin to initiate long positions as these stocks emerge from constructive bases on heavy volume.
IMPORTANT: During earnings season, it is critical to check and recheck when a company is due to report earnings before initiating a position in their stock. These dates change and often at the last minute, so be careful.
The NASDAQ rose 1.95% on heavier volume and followed through on the 6th day of its rally attempt, which puts the market back into uptrend status.
The Russell 2000 rose 1.15% on heavier volume and closed near its high for the day, but was unable to reclaim its key, long-term 200-DMA.
The S&P 500 rallied 1.50% as volume on the NYSE expanded, which wasn’t enough to qualify for a follow-through day and it failed to reclaim its 50-DMA.
The DOW rose 1.48% on heavier volume yesterday, but was unable to reclaim its 50-DMA/65-EMA.
Buy PINS on a big volume move through $35.21, with a sell stop at $32.25. (Price Alert: $35.21)