The buy on the dippers came back today and the market had a slightly lower opening followed by a big reversal that we were keeping a lookout for. The intraday trades were fabulous with BAC taking the lead with a 27.6% move from the bottom this morning! This is one reason why you want to be proficient with intraday scalping. The buyers could easily disappear and the time frame of our holding times will get shorter and shorter, like we have seen most of the last 6 months. A comprehensive guide to stock market education is indispensable to make successful investing possible.

As I’ve said several times, it is hard to make much money on any intermediate term trades now and the swing trades for a few days and intraday trades have been the most reliable. Now we are moving into the swing and intraday trades mode where these have higher odds of profiting.

A few of the stocks listed below made higher highs today but most look like they are trying to recover recent losses. A lot of these stocks are likely to peak and turn over except for the few hot ones as noted.

There is no substantial change in the T2108 chart by today’s action and this strongly supports the idea of a downtrend in the coming weeks that may last into the summer. My interpretation is that we are still on a downtrend that is likely to resume on this peak here that we are in and is very possible to take us to the mid 700’s on the S&P 500 (currently 850) and the Dow30 as low as 7300. The Nasdaq is much stronger of the three indices so technology stocks are likely to continue to outperform as a sector. As with any forecast, we look for evidence to either support or disprove this and take different strategies when necessary.

The Oil index continues to make lower lows with a gradual downtrend. Closed up 1% at $48.76.