This story was originally published here.
There’s no other way to put it: the stock market was crushed on Thursday. That said, let’s look at a few top stock trades amid the carnage.
Top Stock Trades for Tomorrow No. 1: Dow Jones (DIA)
The indices were hammered with relentless force on Thursday. Downside volume was very heavy and does not bode well for bulls at the moment. That said, we’ve seen a huge rally in the equity markets, and letting some air out — even in violent fashion like today — may do it some good.
The SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) couldn’t quite get up to that massive gap-down from February. Unfortunately, it started off Thursday with a nasty gap-down — somewhat reminiscent of the one in February to be honest — as shares blew right through the 200-day moving average and big Q4 breakout spot at near $267.
So, what now?
Shares are finding their footing at the 20-day moving average, but given the significant levels it just went through, I wouldn’t put much faith in this mark. That said, the S&P 500 has a better support setup after the selloff.
From here, let’s see how either the S&P 500 trades or see if we can get DIA on a deeper decline. A drop down toward $245 fills one of the May gaps and gets it close to a test of the 50-day moving average. Below that, and we could get a test of the 50% retracement and fill the last remaining gap from May.
Editor's Note: Click here to see the rest of the trades.
65 Ways You Can Make Extra Cash in This Crazy Environment
With the market crisis moving into our rearview mirror, folks are now looking for ways to get back to making money.
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