My primary market thesis right now can be summed up as "trading range". I'm not going to worry about where the market might be a month or two from now. I'm just going to try to find some trades within the current range which for the S&P 500 is between 2800 and 2900. I expect stocks to bounce around in that area for a while. That can be a good thing for traders with the right time frames and mindset.
One stock that popped up on my radar today is Twitter (TWTR) . I added to my position as it comes off recent lows on a good volume. I don't see any news but it has been basing well since gapping up on its last earnings report and could test the $40 area if the market is cooperative.
I have a few other trades with short time frames but I have no intention of building substantial position trades at this time. I'm focused on opportunities such as buying Affirmed N.V. (AFMD) this morning after a gap-down on some unsurprising news that has discontinued one of their secondary products.
The indices just spiked on a headline that Trump and Xi are likely to see each other at the end of June. That is nothing new but the news driven algorithms reacted in seconds and created a move that was almost immediately sold. This sort of the thing is the nature of the market these days and what prevents the bears from really pressing to the downside.
It is totally meaningless news but the potential for more of those headlines are out there and they can whipsaw traders if they aren't aware.
The key for the market now is to stay above the day's lows. Breadth is poor with about 2400 gainers to 4200 decliners but selective trading is working.