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The bulls and bears are fighting ts level of resistance to the death. As you can see in the chart above, the S&P made a weak attempt to break out yesterday, but failed. It did break through the April 2 high, but reversed hard and closed below the line. Today we basically closed flat and nothing got done.
The Fed minutes came out today, and all seemed to agree that QE3 was telegraphed, the DOW did mange a rally of about 50 points from the lows, but no real thrust.
So either the market is getting tired and ready to roll over, or it is the start of yet another no volume sideways consolidation.
Leaders like GOOG & AAPL traded well today and the action in AAPL was good for the bulls as it helped negate a bit that ugly daily candle that it put in yesterday.
I have tightened up mostly all of the stops on the P&L just in case you are following along at home. I don’t have any shorts for you tonight, as most charts are still bullish. If we do begin a sell off though, there will be plenty of time to find some names to short for trades.
See you in the chat room in the morning.
Joe