Ahh, the story...

In the pre-open hours, I assessed on the basis of a turnabout in almost every foreign market (that trades earlier than North America) and on the basis of strong Equity Futures for the Dow, that there would be a pop at the open. I looked down my list of Cara 100 stocks for a fairly low RSI on the daily, and I came up with 8 that I said were good to go. But since this is a nervous market (quite apparent in the past week), I figured that there would be many traders (mostly big funds) that would sell into the opening strength, hence I pointed out that for every buyer there would be a seller. I was simply looking to see, following the opening hour, which side -- bulls or bears would win today's battle. In 7 of the 8 cases, the Bulls won today. For the other (WAG), it had too big a move yesterday and at the open today that strength could not hold up. But each stock was saying a different story. For SBUX, for example, for the past two sessions, it looks like there are buyers at a floor of 35.25, so we want to see if that can be taken out with further downside to come. For the two big U.S. banks C and FITB, they are trading with ultra-high correlation, but clearly the Bulls behind C are not as bullish, at this point. I'd like to think that for your watchlist, you do your daily and weekly set-ups and where you may be trading a stock, you are studying the hour to hour trading action to get a feel for the best entry or exit price. Moreover, you need to be simultaneously studying several stocks in a peer group to give you a clearer pictue.