|Day Low/High||6.29 / 6.37|
|52 Wk Low/High||5.06 / 7.85|
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?
Biotech companies show more energy than the rest of the market Monday.
U.S. stocks saw slow action ahead of the start of a Fed meeting and a big East Coast snow storm Tuesday.
This group has had some excellent speculative action lately while not much else has been working.
The markets' focus will be on the pace of future interest rate hikes.
We end the week with the same question we had at the start.
Keep an eye on the pattern of morning weakness and afternoon strength.
Traders who have bought on morning weakness and sold on afternoon strength may be sorry at some point.