Almost everyone in the trading business is talking about an oversold market at this stage of the game. Stocks are now entering correction territory and there could still be more selling down the road. Generally, some of the best rallies come during a bear market and this makes many traders such as myself willing to take a shot at the long side when stocks are so low. Watch The Close Since the December 3rd pivot high, we have only had two sessions that have finished stronger by the closing bell than where price had opened. In other words, there have been just two green candles on the daily chart if you view a daily candle stick chart. On Wednesday, stocks rallied higher intra-day, but it’s the closing prices that tell the tale.
In the past, when stocks have behaved this way, there were a few hedge-fund blowups out there. We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. Only post material that’s relevant to the topic being discussed. Even negative opinions can be framed positively and diplomatically. Include punctuation and upper and lower cases. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended.
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