Good evening StockBandits!
The averages mainly churned today, as the lack of a big motivator left stocks mixed and awaiting a catalyst. The blue-chips were able to post modest gains, while the more speculative NAZ and RUT each rested with incremental declines. Just about the only excitement of the day came with a quick selloff after the open, followed by a quick recovery. After that, prices just moved laterally for the final few hours, unable to gather any real momentum.
Although there have been spurts of emotion like we saw today, overall it has been short-lived. A look at the daily charts reveals the same thing, with lots of room for greater greed or fear to kick in. That’s common when caught in trading ranges like we currently have, so it’s nothing unusual. However, it does limit the kinds of plays which surface, due to the choppy nature of the environment. In addition, it tends to keep most moves brief and therefore prone to running out of steam.
For now, the market is still just killing time, making no meaningful headway. That could change quickly, but it’s going to require pushes past resistance to get the party started.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
