A scary opening shake out reversed quickly and climbed higher for the remainder of the day. Volume was low on the shakeout and never really picked up as the market rallied back. The good news, the market remains in a tight consolidation and ready to breakout.
As scary as the first few minutes of the day were, few leading growth stocks triggered tight stops on recent breakouts, keeping traders in long positions. Traders should continue adding long positions with every shakeout until at least some recent breakouts begin to fail or show signs of weakness...stalling at moving averages, low volume follow through, climactic action, etc.
Air Lease (AL) recovered the fifty day moving average in above average volume after a recent shakeout below, Carrizo Oil and Gas (CRZO) followed through to fifty two week highs, Intermune (ITMN) and Fleetcor Technologies(FLT) continued higher off the fifty and two hundred day moving averages, respectively.
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