Bullish Setups to a Shaky December Start
12/02/2014 7:00 am EST
Given this shaky start to December, Ryan Mallory, of SharePlanner.com, urges traders to be careful with this market and to keep the following bullish watch list nearby, in case things turn back around again suddenly.
Shaky Start to the Traditional Santa Rally
But remember, we haven't seen a December finish in the red since 2007. That means despite all of volatility in 2008, SPX still managed to find its way into the green. That doesn't mean I am going to stay blindly bullish here, but it does mean that in the case I were to take a short position or two, being aggressive with the profit taking would be absolutely key.
Other developments is the fact that the T2108 (% of stocks trading below the 40-day moving average) is now at 58% as of this post. Back in September, prior to any selloff, we saw the T2108 erode much earlier than the indices.
So be careful with this market and keep this bullish watch list nearby, in case this market wants to pull it back together.
Here's the Bullish Watch List for the Week:
By Ryan Mallory, Founder, SharePlanner.com