Morning Volatility Report
Yesterday was a trend day in all three indexes. Interestingly, none of the indices had a wide range day. Also, many Nasdaq stocks I follow had narrow range days yesterday.
So based on volatility conditions there may be more down (this is also in line with Zeev's analysis) as trend days often have continuation, particularly if they aren't really wide range.
Because of the fairly narrow range yesterday and lots of stocks with NR7s, there is also a smaller possibility we could break UP. I'll watch my shorts carefully for that potentiality.
I looked at the INVN chart last night and noticed that there were two back to back NR7 days that led to yesterday's trend day. It was also a WR7 (widest range of last 7 days) so today could see some choppy back and forth action. But because INVN made a new 20 day low, there is also the possibility for more followthrough on the downside. I'll play it like a chop-day and see if I can scalp some on the long side to reduce my current loss on my first position. I bought my second position yesterday at an average price of 29.70 after a bit of scalping. But because of the 20 day low I'll watch carefully for another trend day possibility.
Based on the chart INVN also has had some miraculous recoveries from really wide range days down.
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