We have divergence between the Dow and Nasdaq this morning, but trading action looks largely random ahead of the open.
And for the first time in a long time, we have 138 stocks breaking down while only 75 are breaking out to the upside. This tells us momentum is breaking down, so we need to be very careful.
Especially with Trump moving tariffs against Canada and Mexico back a month, which means we’re trying to hit a moving target, which increases uncertainty and pushes the VIX higher.
And things are just beginning to heat up with China, so things are likely to get dicey…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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February is shaping up to be an interesting month for the market, these are some of the most primed plays I’m seeing right now.