Market Notes:
Yesterday was an interesting day in the market. A solid rally that got stuffed at the end of the day.
I noticed when running my end-of-day scan several stocks spiked big during the day only to close well off their highs. When I see this I always remember … amateurs open the market, but the pros close it.
Several short squeezes drove some stocks higher. But the weak close tells me follow-up buyers aren’t aggressive right now.
The weakness near the close yesterday confirms it’s best to wait until conditions improve. The seasonality of the market doesn’t work in my favor. I’m not ready to buy the dip … yet.
I’m still risk off.
Watchlist:
DOGZ is on watch for more volume
CEI is on watch
ELVT watching for a setup above $4
LICY watching for a setup above $12.50
LPTX has support at $3.20
GOGO has support at $16
OTC (on watch, no levels):
ILUS, CYDY, CYBL, FERN, EGRNF
