April 2nd Watchlist
Futures are back under all time highs here in the premarkets and looking to reverse the weakness seen yesterday. It was the ISM manufacturing index that instigated the selling pressure yesterday, but it seems people are continuing to buy dips in the face of negative data. We have Car-Sales data as well as Factory Orders coming out at 10 AM so watch for the reaction from traders once those reports are released.
Apple (NASDAQ: AAPL) was taking off Goldman Sach's conviction buy list. The stock has been hit substantially in the last 4 trading sessions, dumping almost 50 points after the stock pulled in a lot of longs. Many traders are now betting on the stock to dump through $400.
The ironic part of the markets being up here at all time highs is that many sectors are not that strong and it's difficult to find clean long trades that are working for longer than a few hours. Generally speaking, during tough environments such as this where the indexes move up and down at the drop of a dime, a trader must cut down their timeframes as well as their size. Putting an excessive amount of risk during this kind of market will surely end up in you taking a beating. Make sure to go after names that are moving without the influence of the broad indexes.
GOOD MORNING YOUNG WORLD!
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