Every day is a roller coaster. Another 30 handle range today on the S&P 500 and I doubt many, if any, have even headed off for a lunch break yet. This market is certainly making you keep your tray tables locked, with your seat in an upright position. It is pertinent to maintain smaller positions with wider stops -- along with some antacids within arm's length. Otherwise, just sit tight with long positions, or sit on your hands if this isn't your preferred market.
This isn't anything new for 2015 as it has pretty much been this way since Day 1. The 1%+ intraday moves are the trend now, and while we'll certainly have days with a tighter range, the trend is the trend. A few days of tight range won't change that, so if you haven't already adjusted your trading plan and find this market tough, then you need to adjust it, as I don't see this trend ending any time in the next few weeks.
What I do see is a need to look a little outside a normal comfort zone or watch list in terms of securities. I haven't loved solar very much over the years, but I dipped into SunEdison (SUNE) already and now have to add First Solar (FSLR) here. I mentioned FSLR and Solar City (SCTY) along with SUNE previously. My preference here is to own more than one name with smaller sizes, so that is the adjustment I'm making here. First Solar looks early in a breakout with the potential to hit the low $50s. I'm looking for $48 to $50 before earnings at the back half of the month. The RSI and vortex indicators are confirming the breakout move today. A close under $44 is a yellow flag and anything under $42 will have me hit the eject button, because additional support below that level comes in around $39. That's a bit more than I want to risk here.
Also, I am intrigued by the Australian iShares (EWA; I still think the ticker should be MATE, but that's another story). Understand that with EWA you are getting financial services and basic materials and not a whole lot of anything else. A push over $22.40 should give us a kick to $22.70. That isn't a huge move, but over $22.70 sets up a great reversal look in this name. While price hasn't broken out, the RSI and vortex have along with a bullish MACD. I'm willing to be patient here another day, but this is certainly one to keep tabs on if you are looking for some international exposure with reversal potential. A hard stop on a close under $21.70 here is absolutely necessary. Things could get brutal under those levels.