Today was a good example of why one has to be quick while playing these markets. The bulls were well in control for most of the day but ended poorly, to share the honors for the day with the bears. One must remember that just technical analysis is not sufficient to trade these markets. With all these debt problems throughout the world, these are news dominated markets right now, not markets that necessarily follow fundamental or technical analysis. To a large degree, its not only logical analysis that counts right now, but also the emotions and the sentiments. The good news is that while the bulls and the bears wrestle it out, you can make money either on the long side or the short side in these markets (or both), but the only condition is that you have to be quick. Quick in taking losses as well as gains.
Here are few of the stocks that are in my watchlist for tomorrow. Out of the three stocks that I posted yesterday, IMGN and PCYC were up 4.3% and 2.88% respectively. TZOO is still setting up, so it remains in my watchlist.
Take care and good luck!