It’s morning and the market is gapping up. I tried posting last night, but had problems. The QLD I held over had an ex. div date today the 20th, which I didn’t realize.

XIN is down for the 7th day, and on the bounce list.

As for my comments last night…

It’s a stock pickers market out there. Today’s range on the Nasdaq tightened to form a nr7 trading setup, with a higher high on the daily chart. It also put in a higher pivot low, and is attempting to hold above the 200 dma.

I bought QLD near the end of the day, and will use today’s low as a stop.

Solar stocks are still momentum trading leaders. LDK had earnings tonight, and was trading down after hours. JASO, a leading trader in the sector, had a nice setup today on the 5-minute chart. This solar stock found support at the 200ma soon after the open. This was followed by relative strength, and another pullback. Entry came on the higher high candlestick. A stop was placed under the pivot candlestick. FSLR, CSIQ, and STP make up the other five solar stocks on my screen.

The market is getting short-term oversold after today’s 61 point slide in the Nasdaq. That doesn’t mean it can’t get more oversold here, but I won’t be trading as aggressive on the short side.

I took a trade long in SKF using the 15-minute chart. Entry was over 100.63.  A stop was set under the day’s pivot low of 99.63. I had a target of 102. The trade was almost stopped out, but held on. I did sell earlier than 102. I filled in the 101.70’s. The market was heavy without too many bounces. Maybe I should have just sold half, and held the rest until day’s end. Profits in this market environment can disappear quickly though.

Anyone shorting gold stocks has done well since the breakdown. It’s getting too late to short there now.

High flyers BIDU and GOOG both found their50 day moving averages. Expect a bounce.

OIH is trading at it’s long-term support trendline from August. It should bounce here.