At the open I exited my long etf’s as I had a sense that today’s opening gains weren’t going to hold. I actually thought today’s selling would intensify and when that didn’t happened I reentered those same trades at considerably lower prices in the after hours market. I liked how we bounced right at gap support and while there are some bearish signs popping up I wouldn’t stick a fork in this bull just yet. We’ve essentially spent all of April consolidating March’s run-up and this is as good as any place to put in a bottom.

The volume was quite high on the Nasdaq and this is a concern, and I do believe that many traders are scared that this is going to turn into a rout, but remember that the market tries to trick us with it’s real motives. When the markets look most bearish they are in reality bullish, and I think that’s where we’re at right now.

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Volatility actually fell dramatically today. One would think that with the markets gapping up and then selling off it would have rose.

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The Toronto Stock Exchange got thumped today but also found gap support.

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Below are stocks that rose on above average volume and are showing serious signs of momentum with strong long term charts. These are considered leaders and if this pullback turns out to be just a pullback, these are good candidates for pullback buys.

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