{+++}Maybe a recipe for a pullback or maybe it’s just the bull taking a breather, I’m currently in trade what I see mode and mentioned last week that I’m done with prognostications for now, thats a tough game to play right here. The day started out with a move down. The indices tested support, bounced around for a couple hours during mid-day and could not get back through resistance, and then had a sharp sell-off in mid-afternoon that severely retested the early morning lows, but they ended up holding those support levels. That resulted in a late sharp snap back that actually took the NDX to nominal new session highs, while the SPX failed to confirm at that point, and they pulled back just slightly into the close. Advance-declines were negative by 311 issues on New York and by 250 issues on Nasdaq. Up/down volume was 8 to 7 positive on New York with 1 1/2 billion traded. Nasdaq traded 2 1/2 billion and had a 13 to 12 negative volume ratio.
All in all, today was like a long root canal. I had a nice trade in MOS very early and the rest of the day was tedious, boring and choppy. I found myself scalping which is a strategy that I detest but the market was in a tight range. Your broker may have made money today because you either did nothing or perhaps over traded a bit like me. Brokers love days like today as we move in and out constantly hoping that our last entry will be “the one”, when it isn’t we go and look for another one.
Energy and materials took a breather and I don’t have a whole lot that is jumping out at me. The names have been working well and you know the names so I will not go over them again, I don’t want tell exactly when to sell because I dont want to control your upside, but take the spikes and cash them in, it’s still a trader’s market. CREE and PBI are acting well and are profitable but don’t think either name has reached it’s full potential.
Here is a reminder name:
