Good evening StockBandits!
The response to last night’s State of the Union address certainly lacked enthusiasm, leaving stocks slightly underwater at the start of today’s session. True to form, however, that gap was filled (just like so many others lately) in short order. The lift ended around 11am ET, and by then the day’s trading range had been established. We chopped around for the final few hours, unable to make any meaningful progress in either direction.
Tomorrow’s main event will be the news from the European Central Bank, and expectations are high for a stimulus package to be announced. In a global economy, the market doesn’t hesitate to look elsewhere for reasons to move, so Thursday’s session might be all about that news.
We’re still in a very fickle tape right now with this trading range, making it quite difficult to commit to one direction over another for any period longer than a few hours. We’ve seen reversal after reversal, gap fill after gap fill, and we’re still waiting for an end to that routine. It’s going to take a range break to do it, and as of tonight, we’re just not yet in close proximity to the boundaries which matter.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
