9 Stocks Ready for the Bounce
Stocks Ready To Bounce: Namely Utilities & Insurance
There's no doubt that this market is oversold on multiple time frames, namely the 30min, daily, and weekly charts. We've also tried to bounce the last two days, and have failed. Today, despite the lower open, the bulls ran out of the gate to fill the gap and march this market higher. So far it has rallied 17 points off of the SPX morning lows.
With that said, the market is looking to bounce today. There's no doubt that we could see a 12-15 point move higher in positive territory, which would mean additional short covering that would take place.
As a result I've put together a list of nine stocks that are looking to bounce in the coming days. The utilities across the board came up on my scans that resulted in the list below. More than half the list below includes as much.
Three stocks that I'd watch first and foremost are WellPoint (WLP), DTE Energy (DTE), and Pinnacle West Capital (PNW). All three of which are setting up for what I believe will be a mutli-day rally in. Here's the the entire list of stocks ready to bounce