Good evening StockBandits!
Just about the only notable events of today were that the low of the session was set early, and we finished positive again across the board. The moves were insignificant, the trading ranges were narrow, and volume was light. The bulls did, however, retain their upper hand on the market with an incremental up day just to remind the bears that they can.
It’s still quite curious that we’ve broken out in 3 of the 4 averages (sans DJIA), yet we haven’t in most cases ramped. The NAZ has done the best job of pushing past the prior high, but the RUT and S&P 500 each seem to be somewhat hesitant to really run. It seemed as though there was some broader frustration with the trading ranges which held prices captive over the past couple of months, supporting the notion that an exit could prove explosive. So far though, it’s been very subdued.
The better setups out there are largely found in the energy sector right now, but having some exposure there on a multi-day basis, I’m reluctant to add aggressively at the moment. For tomorrow, there are a handful of single-day setups which interest me most.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
