American Stocks are up in European session following a huge pre-Christmas slump that was the ugliest plunge ever according to Marketwatch.com.. (reference link)
The previous record dates back to 1933, during The Great Depression.
I personally think that the geopolitical landscape for stocks is causing investors to be nervous. Trump causes a lot of market volatility with his aggressive behavior, which is anything but smooth..
Looking at charts it looks like stocks may have reached a bottom.. I'm personally looking for longs in Alibaba (BABA), American Express (AXP), Citigroup (C), ConocoPhillips (COP), CVS Health Corp (CVS), Delta Air lines (DAL), Walt Disney (DIS), Duke Energy (DUK), EOG Resources (EOG), Ford Motor Company (F), FedEx (FDX).
The above for mentioned stocks have room to run to the upside on any positive news, because they are very oversold according to my hourly charts and make good candidates for swing trades and potential entry points should the longer term market correct.. I am looking to initialize a small position, 1/4, and continue to buy at a later date should the rebound not occur her.. I think the market is oversold and excessively gloomy.. Time will tell.
TraderNeal
My systems are available on eBay.
I can also be followed in the currency world here: Meta Trader Robot.
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By Neal Vanderstelt
Forex Trader, Market Analyst, Trading System Designer
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