July 24 High Activity Market Update and Stock Scan

With many stocks gapping, gold surging, and stock plunging, there’s a lot to cover in today’s update.

Let’s get right to it!

Here’s a game-planning quote from last night’s member update:

“We’re already logically moving down away from 2,135 and if price breaks 2,100 – as was the case in June under an identical planning spot – then we’ll simply keep trading bearishly down toward 2,065 (200 day SMA).”

So far, we’re indeed seeing this breakdown under 2,100 (see chart above) and the repeat sell-swing like we saw in June.

Today’s T3 Trend Day (the most powerful example) allowed for repeated short-selling intraday trades, or a simple swing trade (short) on the break and movement away from 2,100.

Follow along with members for more precise daily planning, analysis, and education.

Gold finally “caught a bid” and is rallying powerfully up toward its $1,100 level on a strong trend day.

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

Today’s strongest sector clearly is the Utilities group with 67% of stocks positive today.

All other sectors are showing extreme bearishness or sell-volume money flow on today’s sell session.

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

Marketo (MKTO), Visa (V), Flir (FLIR), and earnings-gapper Amazon.com (AMZN)

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

Capital One Financial (COF), Cepheid (CPHD), Biogen (BIIB) and TripAdvisor (TRIP)

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

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).