The intraday head and shoulders top I pointed out yesterday remains in play for the short-term, as you can see below on the SPY chart for yesterday and today. We are basically grinding sideways today. Overall, that is not such a bad thing given the fast moves we have seen in this market over the past few months. I have grind on my mind, and I not talking about taking a trip down to The Borgata to grind some 40/80 LHE games, though I am sure that would be fun. Instead, I want to see the market and many individual stocks firm up and cool off without seeing the return of violent indecision and wild price swings. I would be only at that point that buyers showing up again would likely present a much lower risk entry for patient swing traders.
For the rest of this session, though, I am not expecting much in the way of fireworks in either direction.
(That is noted poker and gambling author David Sklansky above. All of his books are worth reading for stock traders)