The indices are holding steady but so far the early bounce attempt is weak. Breadth is running about even and the list of new lows is twice that of new highs. A slightly softer than expected consumer sentiment number didn't generate much interest.
Market players are obviously concerned about more selling and are waiting to see how well things hold up. The longer the indices can stay in the green the more likely buyers will start inching back in. There is a higher level of uncertainty and that is good thing in the longer run as complacency was quite high a week ago.
I've made a couple small buys and will be more aggressive this afternoon if the indices are in positive territory. One of my favorite trading stocks is iQIYI (IQ) and I've added to my token position this morning. I had a great trade in LiveXLive Media (LIVX) recently and I'm trying that again as it moves off support at $6. W&T Offshore (WTI) has been my go to oil and I added to that position this morning.
I'm not convinced that this selloff is over so my buying is very limited at this point. My cash levels are around 70% or so and I am in no rush to put that money to work.
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Traders are becoming skittish as the late-day selling this week leaves them wondering where support will develop.
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