Good evening StockBandits!
Today we got another reversal, this time to the upside, as stocks darted back and forth in the morning before ultimately settling higher on the day. The gains weren’t significant, but we didn’t see any downside follow through on the heels of Tuesday’s intraday decline. The market is showing quite the poker face right now by giving no clues as to the direction of the next meaningful move, hovering beneath recent highs yet above support.
This persistent back and forth is keeping the trading ranges very much intact. Traders who are largely sidelined on an overnight basis don’t see much cause for building positions yet in this directionless tape. In addition, those traders who are involved in the action have been conditioned of late to aim for quick exits, which naturally keeps the action choppy. Until there’s more of a widely-embraced opinion on whether stocks are headed higher or lower, we should expect more of the same. Stated otherwise, stay cash-heavy until we see an exit from the range.
**Please Note: I will not have a report tomorrow, so the next report will be on Sunday.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
