Good evening StockBandits!
Since the opening couple of hours on Monday, we’ve seen virtually no movement. It’s as if traders are suddenly on hold for something very major, yet the schedule doesn’t seem to have anything obvious on the immediate horizon. There’s a Fed meeting next week, but we’re still 8 days out.
Today, we got a gap up this morning, and then absolutely zero follow through. The NAZ was able to hold onto some of its gains, but the others went red by the close. Not much, mind you, but enough to be considered another episode of no follow through to the pop we started the week with Monday. It’s choppy out there, and the only thing of importance is the trading range we are stuck inside. We need to see some breaks before we can approach the market with the expectation of something other than this herky-jerky price action.
It’s extremely easy to get chopped up in this sort of tape, as almost any trading becomes overtrading. So, heading into tomorrow’s session, I’m going to stick with short-term plays given the lack of follow through we’re seeing in this trading range. Being right in the thick of earnings season doesn’t help either, as it just makes for less time in which a multi-day trade can make its move.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
