As the market was getting pummeled yesterday, DECK still remained above a key support level at $75. This was not the case today and investors punished DECK. DECK fell 10% after cracking $75 and traded 8M shares. It traded 5x normal volume today. I would wait until DECK sees some consolidation and I would watch for buyers to step in before trying to bottom pick this name on the long side. The SPY saw a nice gap up around 8am PCT. It shot from $135.17 to $135.60 in a hurry. Corrections in an uptrend are extremely healthy and with the action seen today, it is clear that the uptrend is still very much intact.
Written by Cameron Patrick
@Cam_Patrick