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The bulls found their footing after a choppy opening thirty minutes of trading this morning, though the action is far from energetic to the upside. The area just above 1280 on the S&P 500 is proving to be tough resistance for now, and as I write this I see that the market is reverting back to the flatline. This action continues to prove challenging for all but the most agile and luckiest of day traders, since swinging positions for days and weeks runs counter to a meandering, trendless market.
The major Google breakout that plenty of traders had been watching (including me–watching it, but not trading it) above $630 is coming back in for a hard throwback to just below that level today. You might argue that the Google action is a microcosm for how this market has behaved for the better part of several months now–Aggressively playing breakouts in either direction has been punished.
At any rate, I continue to refine my watchlists inside 12631, fully knowing that the market is capable of turning on a dime and changing character. If and when that happens, there is no excuse not to be prepared. From my vantage point, this type of action compels me to put in the work, so that I may reap the rewards down the road.
