Earlier in the session, tons of charts were looking ripe to break higher from tight technical bases. Most of my longs are still up nicely on the day or not getting hit too badly, but I am staying nimble and trying to scale profits into strength inside 12631.
Most stocks tend to move in such a way where they are sensitive to the overall character of the current broad market. Thus, the corrective nature of the tape took hold, once again, this afternoon arguably using the tapering rumor by the FT as an excuse.
I am still looking at both long and short ideas here, even within the same sector.
Notable strong areas today have been China internet firms like QIHU SOHU. Weak areas are the biotechs and transports.
A close above 1640 on the S&P 500 would have gone a long way in helping the bull case. But into the final hour the choppy waters are rising again…
