|Day Low/High||21.20 / 23.13|
|52 Wk Low/High||5.63 / 27.55|
You have to dig below the surface and develop a feel for what stocks are leading.
Meanwhile, I continue to hold long-term favorites like Energy Recovery, TPI Composites and Aratana.
Buyers expect a dovish Fed and are still trying to put money to work.
What good will a delayed rate hike be if it means we have a lousy economy?
The overall technical condition of the indices remains negative.
One of the toughest trades for a long time has been betting on downside follow-through.
Upside momentum is limited, but we still aren't seeing any major technical breakdowns.
Today was much like yesterday, but at least there's the ECB tomorrow.
Until there is a change in the character of this action, it pays to be bullish.
Delaying rate hikes isn't much comfort when worries about another recession start to pop up.
There should be some initial coverage there soon and I'll be looking to add.
My game plan is to manage positions and look for opportunities, but keep a wary eye market character.
Forming a negative thesis and then waiting for it to work will absolutely drive you nuts.
The market traded like it was sipping piña coladas, forgetting all about the Fed drama of last Friday.
Traders aren't convinced the economy is strong enough to justify anything other than token rate hikes despite hints of Fed hawkishness.
We might be moving toward a market-timing environment, but not today.
Overall, this is still a good environment for stock picking.
It is starting to poke its head above key resistance.
Don't fight speculative action that keeps sending prices higher.
The sudden dearth of momentum will give us some good opportunities, but watch accounts closely.