Bearish Flaggishness Part Deux

Let's revisit the bearish flag potential after two days of action this week. We have rallied near the bottom of the 11,600-11,900 resistance area at a pretty good angle. And then we got some profit taking today late day. Saw some resistance today, will see how the next few days shape up. Labor day coming up too...hard to imagine a breadth thrust over Labor day holiday weeks.

Nasdaq chart doesn't look as flaggish, which may be a sign that this pattern will not hold. We shall see.




I am not swing trading in this environment, would like to see clearer market direction. So, I will finally have a little time to do some day trading tomorrow if the oppurtunity presents itself. Not much news flow, but enough stocks moving with catalysts and at least recent news to move with.

Two earnings reporters from this evening that I am watching tomorrow intraday (not at the open) are VRA and PVH. Both up after hours and both beat eps/revs and raised guidance. Will likely gap up tomorrow but will look for a pullback after the first hour.

Good luck tomorrow.