The morning pause is spilling over into the New York lunch hour, as the market is essentially going nowhere, fast. After the sharp move higher yesterday, it is a plus for the bulls that we have not seen any nasty downside reversals. However, the bulls will want to follow up fairly soon on their newfound momentum, else risk losing the initiative. I am still seeing financials leading the way, with some select names in other areas offering narrow pockets of hot action.
If you are an very active intraday trader, it is probably best to back off for now. I would be not be surprised to see the bulls arrive soon to close us out strongly, but until that happens the correct strategy for a doji day is to be especially cognizant of not overtrading. The 3-minute chart of the SPY below illustrates how choppy today’s action truly is for trend traders.
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news driven mkt. Not going anywhere til tom.
Thanks Chess.
Was getting a little nervous watching the market remain flat
Hi Chess – I just signed up for 12631 about an hour ago. I received an email alert regarding your most recent post – but I did not receive an email with a password. Username is bradleyg.
looking into it now, thanks
I´d like to congratulate you on your XLF alert., Very well seen the bullish divergence. Keep up the good work! Thanks Chess
Thanks