Money In The Markets In Any Direction
2020-07-08 | Simpler Trading Team
Whether you were looking long or looking short, there was money in the market today.
Strong technology sector tickers kept the longs happy while travel sector tickers opened opportunities for shorts.
For those who weren’t sure which way to lean it was a good day to sit on the sidelines.
The key was finding the tickers with the movement you were seeking and taking action.
The Wednesday rally countered the Tuesday tumble that snapped a five-day winning run.
The Dow closed today at 26,067.28 points for a .68% bump (a modest 177 points added in the session). The Nasdaq popped up 1.18% to 10,465.53 points while the S&P 500 climbed .62% to 3,164.72 points.
Bulls made inroads with strong trading in technology stocks — FB, AMZN, AAPL, NFLX, GOOGL — along with upticks in stocks resistant to pandemic issues.
Gold rose further to hit a nine-year high and oil inched up on the day.
Telecom, retail, and travel sectors presented short opportunities. Airlines struggled broadly through the day on issues that economic reopening plans are being halted, but recovered into the close.
Markets continue to act “odd” in this pandemic-infused environment, so following the daily trend is a trading plan. Take gains when possible and stay in cash if the fray is too much.
Overall the markets ended the day with a strong push in the final hour to head into the end of the week.
We Saw: markets flat on the day with push into the close —
- Big tech supporting an uptick from Tuesday tumble
- Will entertainment, travel sectors ever have a starting recovery point?
- Gold with a strong rise to nine-year high
We’re Watching: how to use uptick for long plays —
- Tickers that might break loose and explode higher
- Tuesday tumble in the rear view mirror
- Moves in: tech sector, micro futures
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