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Why This Market Is so Hard to Day and Swing Trade

by | Aug 8, 2024

Stocks are relatively flat premarket with a few interesting earnings plays to watch today. 

Eli Lilly (LLY) is up over 12% after reporting before the open. We have some decent reports left but earnings season is beginning to slow down. 

We didn’t have any big premarket catalysts aside from jobless claims, but this report is broken in my mind because it’s been in the low-200K range for the past three years. 

We’ve had a lot of nondirectional volatility this week, which makes it very difficult to make short day and swing trades. In markets like this, it’s best to sit on your hands and wait for a directional bias. Otherwise, you just get whipsawed back and forth. 

Here’s a broad, general rule of thumb for markets…

Usually but not all the time, when you’re in a true bullish phase, markets tend to open lower and then rise through the day. When you’re in a bearish phase, markets tend to open higher and fall lower as the day goes on. 

This is just a general observation and not something you can build a timing strategy around. 

But it is a good wrinkle to keep in mind!

We’ll cover levels and stocks to watch…

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

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

P.S. Did You Catch My BIGGEST Event of the Summer? 

If you missed August Seasonality Surge… it’s not too late! 

But you’ll want to do it ASAP because I just gave away THREE stocks with “Wealth Windows” that just opened.

This means these three stocks could be gearing up for an explosive move to the upside, just like they have year after year in the past…

And that’s based on DECADES of data!

Now, I don’t want to reveal all the secrets in this short email… 

And of course, I cannot promise future returns or against losses… 

But if you want the tickers of these three three  stocks and see our specific trading plan for free… 

Check Out the Presentation Here!  

The profits and performance shown are not typical and you may lose money. The trades expressed are based on historical signals from the new Data Mining Software to demonstrate the potential of the trading tool. While we have been using the Data Mining Software with great success, we cannot guarantee any future results.

 

WRITTEN BY<br>Roger Scott

WRITTEN BY
Roger Scott

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