|Day Low/High||14.85 / 15.98|
|52 Wk Low/High||3.52 / 17.48|
A three-day pullback was exactly what this market needed at exactly the right time.
I tend to focus more on individual stocks and my job right now is to develop a list of names that I want to follow more closely as this action develops.
The market may need some rest and consolidation, but that doesn't mean it will produce a lot of downside.
Whether you see the indexes trading flat on Monday afternoon as good or bad depends on your outlook.
I am carrying a large cash balance -- but not because I'm bearish.
I'm optimistic that we will see some better stock picking action if the breakout holds and momentum continues.
With Aurinia Pharmaceuticals, the key is to be patient and to buy incrementally.
Computer algorithms will trigger volatility even if there is no surprise news.
If you are an index trader it is a tough call, but for stock-pickers it remains a very good trading market.
It's tough to do much while we await major news events.
Regardless of what is moving the markets, it is a good example of how you have to focus on price action above all else.
Before I short aggressively I want to see a shift in the price action.
The charts indicate that buyers of Aurinia have been more aggressive in recent weeks after a period of consolidation.
Traders are likely remembering what Facebook stock did when Mark Zuckerberg testified before Congress.
Until that action dies it is difficult to be too bearish.
There is no question that we are becoming extended and ripe for some profit taking.
Without strength in the big-cap leaders, this market is tough to trade.
Brief selloff greets Trump statement on breaking up banks.
Trading in an incremental manner can be particularly important in dealing with earnings reports.
If you want to trade, you have to maintain short timeframes and be ready to flip.
Great traders will bide their time in this environment and then move big and fast when the conditions are right.
But what will be most important is whether support stays strong and the buyers show interest in the afternoon.
Why not buy something and try to make some money rather than waste time predicting how this will all come to an ugly end?