Market Recap

Dow: -57.48…
Nasdaq: -309.29… S&P: -42.47…

The rebound effort that began late in the day last Friday hit a wall today as market participants grappled with concerns about economic and earnings growth prospects. Many stocks got battered and bruised hitting that wall while others fared reasonably well.

The biggest pains came early when the Nasdaq was down as much as 3.8%. The S&P 500 and Dow were down 2.5% and 1.6% at their worst levels of the day. There was some healing, however, that occurred as the day progressed. The Dow rallied into positive territory and closed near its high for the session. Meanwhile, the Nasdaq and S&P 500 ended the session with lesser declines of 2.4% and 0.8%, respectively.

You sell rallies in bear markets and we have seen a lot of that action lately. Makes it hard to trust. We will see if we are oversold enough for the bulls to have confidence in holding for more than a day or two.

Tech/growth gets sold on every bounce and many charts still look a lot lower in that space.

The weekend watchlist names ( BPT, CHK, DVN, LNTH, BMY, and STM) still look constructive to me.

Here are a few additional names that are also setting up.

CVTA– Over 62.20

SD– Buyable at these levels.

TDW – through 26.70

See you in the morning.

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