It's Wednesday and I am working on some stuff tonight. Short recap of the days events.
This morning markets were very nervous and a big drop soon followed. I was stopped out on my two positions in YMI and OCZ, both losses over 3%, yuck.
Huge reversal intra day resulted in numerous hammer prints across almost every stock out there. The Maginot line of S&P500 1250 is where it's at, no reason to beat it to death. At a minimum the buy volume today has market a near term reversal.
That said, I am not feeling too aggressive here. I am working on a couple ideas tonight. If things turn around great, if not I will be sidelined until we hit areas further away from now to the upside or downside to apply ideas. Keep your cash safe!
For a hammer to be proven correct, it requires confirmation by the next day's candles. One stock I missed out on and one I missed a sale on may be leading to a short term answer:
Have a good night.