This Is a 'Stalking' Market Right Now

 | Mar 06, 2018 | 10:25 AM EST
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gld

We have strong breadth and good underlying support again today, but the intense buy programs haven't been operating so far.

Technically there is good reason to believe that the indices are going to run into some resistance in this area as key moving averages lurk and there are some convenient Fibonacci levels as well. Generally, the market has cut through these obvious levels at first but they then do come into play later.

Since the market has almost totally recaptured the 'trade war' selloff, it makes sense that the indices should pause. If it doesn't that would seem to indicate that the news has actually improved since President Trump announced tariffs.

Interest rates have been steady so that isn't an immediate concern, but the dollar is under pressure and that is causing a rally in precious metals. I'm long SPDR Gold Trust (GLD) and will continue to build that, but it's more about currencies than anything else at this point.

I don't have much at all on my radar right now. I've cut back a few things and don't see anything I'm in a hurry to buy. This is a 'stalking' market now, where the best approach is to identify some key candidates and stalk them for incremental entry points.

Right now the market is acting like it has shrugged off all the bad news headlines but I suspect that we will see another strong reaction to news again fairly soon. After all, the movement on news headlines is paying off nicely for the algos and they will want to keep the game going.

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