the wilshire, our total market index closed 2% down, 3% below resistance. i consider this market on the fence and could go either way, on up or a downward correction starting in the next few days. trade carefully and very fast to hold on to any profits and minimize losses.
i like the risk here.
this is that grey zone between the bull and the bear. i think it's time for bulls.
this evening lets think about potentially taking positions in:
RAD
CTIC
CWB
UCBH
PBI
the feature is the stock of Rite Aid Drug Stores they are trading very bulish and have only minimal resistance before breaking out. this looks like it can only bestopped if the whole market continues to correct. if the market holds up RAD looks ready to run up!
RAD is what i call a trader. so, remember, set stops and move fast, if you look around and see a profit and the money seems too good for this market, sell and get out with a stash of cash. up 6% in one hour is absolutely awesome. don't worry about what might have been. move on.
PBI is very conservative company with a great dividend. set a wider stop on this one and maybe hold it for years.
the others are regional banks and a biotech that is hot( finally)
do your homework
do not buy premarket!
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