|Day Low/High||65.30 / 67.52|
|52 Wk Low/High||44.38 / 69.00|
The poor close today is an indication that the market is losing its confidence in the Fed.
The trading environment is rather benign as we wait for Janet Yellen.
I flipped out of Twitter for a quick gain and will look for more trades like it.
When you see this sort of ugly market open, have a list of stocks you're ready to buy on weakness.
It is random out there today, and easy to err on the side of selling.
The problem for the bears is that there are still plenty of folks trying to extract some gains from the upside.
Volume may dwindle in the afternoon ahead of the long weekend.
I can't seem to put enough capital to work in individual stocks.
It's a big move today, but the recent pattern doesn't inspire hope for it to last.
Like the hedge funds, I'm holding too much cash and am looking to buy.
Keep an open mind and wait for technical conditions to develop further.
We are back to the old pattern of squeezing shorts and frustrating underinvested longs.