I mentioned on Friday that I wanted to see how the market closed that session. Although the market was down, it closed off its lows. The VIX also closed significantly off its highs on Friday. The buyers came back today. The market still seems like it wants to go up. Every sell off usually needs a catalyst...or two. This market might need more than one. With all the earnings coming out over the next two weeks, there could be some news that could help the market sell off. Try to trade the trend as much as possible. If you see nice bullish trending stocks with ABC pull backs, look to get it. IGT has pulled back a bit and might provide a second chance to get in. This was a longer term pattern using the July options. T rebounded today and still looks good. VCI looks like it could move up any day now. I'm still trying to figure out the significance of Friday's move. I'll be watching the price action carefully. Look to see if institutional selling is taking place on good news. If the institutional investors are trying to dump stock, they might try to create an illusion that the buyers are coming back and the stocks will continue to go up. They will try to take advantage of good news by selling heavy into it. I'll point it out if I see anything that looks out of the ordinary.
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