Dec 29 Big Holiday Bullish Trend Day and Surging Stock Scan

Dec 29, 2015: 2:46 PM CST

Another holiday week bullish breakout triggered with this morning’s gap, creating a bullish short-squeeze.

Check out yesterday’s S&P 500 Planning Post for additional parameters as we trade today’s session live.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

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Yesterday saw an initial decline from the 2,065 pivot toward the 2,045 target (mentioned for members).

The mid-day reversal (on divergences) set in motion the end-of-day rally and then today’s upside breakout gap.

We were to play bullish if above 2,060 and then 2,065 which was again the correct strategy (we’re now at 2,080).

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

Unlike yesterday, all sectors and almost all stocks (97% of the Dow Jones; 91% of the S&P 500) are bullish.

With this type of money flow and price action, we’re only allowed to trade long/bullishly into the impulse.

Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of FinViz.com).

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Amazon.com (AMZN) returns for a second day with Thermo (TMO), Abbot Labs (ABT), and Precision (PCP)

Bearish downtrending candidates include the following stocks from our “weakness” scan:

Avoid short-selling today, though Starwood (STWD), United Natural Foods (UNFI), WhiteWave (WWAV), and Bitauto (BITA) are among the weakest/downtrending stocks of the session.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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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).

2 Comments

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