Despite some fireworks between Jamie Dimon and members of Congress this morning, the market is not in such a boisterous mood. As you can see below on the 3-minute timeframe of the SPY, we have flipped from just above to just below the flatline all day. Even for day traders, the noose is starting to tighten as the price swings have narrowed since Monday’s dramatic reversal. In other words, there is not much to do here unless you are in the mood to put your money on red or black at the roulette table. You’d be better off exploring some of the most underrated beaches in the country, down by @RaginCajun on the Gulf Coast, aka the Redneck Riviera.
Patience and defense are still where it’s at, and have been for quite some time.