12:00 pm/ET: Still waiting for market to pick a direction and move.
Currently, the market is holding steady (Dow looking healthy and boring), but I think the longs and the shorts are afraid to enter. I take back what I said earlier this morning- investors are not putting their money where their mouth is. I still don’t understand why so many feel today the market is supposed to bottom and head up- my guess is that the concensus is that nflation fears are priced into the market, and after today’s CPI announcement they feel it inevitable to move up…
… anyway, what I’m seeing in the tickers is a more cheerleading than actually playing. Even I’m reluctant to make a move. I think this will happen for the next few days- a bunch of investors waiting for someone to jump in first, then when they see the water is fine, the rest of the kids will follow.
Potential Trades
- Short TIE if Dow drops below 10,740.
- Watching ZOLT for an entry point… either way. Man this one is tough!
- Waiting for ERS to form a top. Shorting under $13.14
- IFO is quiet after a very fast run up. Waiting for a breakdown.
If you enjoy the content at iBankCoin, please follow us on Twitter