April 8 Fed Minutes Reaction Market Update with Stock Scan

We’re seeing a Falling Range Day in the context of spiking volatility on a “Fed Minutes” Session.

Let’s dive inside action and note key levels and the trending stocks of the day:

Up, Down, Up, Down, Big Down into Big Up.  That’s what’s today’s session held for us so far.

New traders should be cautious – if trading at all – in the context of a violent, bouncing sideways range.

Let’s see what our Breadth Chart reveals about current market strength (or weakness):

Breadth is actually bullish-slanted today with the strongest sectors being the Offensive Names (Financials, Discretionary, Technology, and Materials) though a stealth strength developed in Health Care.

Our Defensive Names (Staples and Utilities) are today’s weakest sectors … which is actually bullish.

We have potential bullish trend continuation plays in the following stocks from our scan:

Mylan (MYL), Global Payments (GPN), Baidu (BIDU), and Noah Holdings (NOAH)

Potential downtrending candidates exist in stocks showing relative weakness today:

Lions Gate (LGF), Pentair (PNR), Xylem (XYL), and AT&T (T)

I’m excited to announce that I’ll be joining six other great speakers at a Two-Day intensive boot camp in May!

Check out the details and start planning the trip today to join us in May.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

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One Comment

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