Today’s stock hasn’t made it across our screens in quite sometime, but today, Lam Research (LRCX) makes its return. However, the timing couldn’t be much worse. With the release of non-farm payrolls and yields taking another leap higher, the market looks to once again be on some shaky ground.
This wouldn’t totally negate the trade below of a bounce at a possible support level, it just means we would need to be extra careful as the market could continue its pre-market pullback very easily as investors become spooked about the performance of the market during this time.
Rejects are probably a bit more high probability in a market like this, but we can still see some bounces off key levels of support. If this is the case with the 600 level on LRCX, traders should expect a quicker, shorter-lived move for support bounces.
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