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We are busy kicking tail and taking names inside 12631 this morning, making moves as this market refuses to roll over. Moreover, I am seeing some energy come back into some areas of the market. As you know, I have been discussing the concept that the morning gaps higher have taken away a good deal of energy from active traders playing breakouts. While this may have frustrated a good deal of market players, the reality was that the market was showing so signs of coming back under control of the bears.
However, we did not have that gap this morning and instead we saw a flat open. Indeed, the open may have been just what the doctor ordered, as traders seem to be a bit more comfortable with finding entries. I will be back later this morning with specific areas of the market that look to be acting the best. For now, the key is not getting caught up in dogmatic ways of thinking about the market. Things can change on a dime, including the character and nature of the stock market’s price action. Thus, I am sticking with what works and straying from what is not.
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