Stocks soared on Wednesday afternoon following the FOMC minutes.
Some were blaming the size of the bounce on oversold conditions. Shorts were rushing to lock in profits. That might be true.
We did see a lot of potential bullish reversals today. They also need to see confirmation. We are reluctant to chase this spike higher tonight. Let's see how the market performs tomorrow.
We are not adding any new trades tonight. I did see a couple of stocks that caught my eye. Dr. Pepper Snapple Group (DPS) has been consistently marching higher for months. Shares are nearing record highs. A rally above $65.50 might be a bullish entry point on DPS. If you like more excitement then consider shares of Twitter Inc. (TWTR). After consolidating sideways the last few weeks shares of TWTR appear to be breaking out. Today's intraday high was $55.67. I'd be tempted to open bullish positions on TWTR if you can handle the volatility.