Let Them Lift

The NASDAQ finally had an up day on higher volume yesterday, but the Dow and S&P both rose on lower volume. We may have gotten the last bit of selling in the minutes after the Fed (non) decision, as the Naz sold off and then snapped back. Yesterday’s action created a lot of hammer and harami patterns. I’m also seeing a lot of stocks that had NR5 and NR7. The problem I have with the vast majority of these stocks is that they are now in clear (intermediate term) downtrends. I’d much rather let them lift and then look to get short as they run out of steam. I do have a few long candidates which are still in uptrends, but none that I’m really compelled to jump on given that expiration is around the corner.