|Day Low/High||23.67 / 24.56|
|52 Wk Low/High||4.53 / 35.42|
What is particularly interesting about the market action today is that it playing out in a very logical fashion.
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.
Nothing new has really occurred. Technical conditions are what really determine whether the news is good or bad.
These 'bearish bets' are showing both technical and quantitative deterioration.
It is difficult to do a lot of new buying with the indices hovering near all-time highs and the Fed on deck.
Solar energy player Enphase Energy looks extended and the charts show potential declines ahead.
The market's biggest problem right now is a lack of catalysts.
Most traders are impatiently waiting for the Federal Open Market Committee's decision at 2 pm ET.
I'm not looking for this market to suddenly reverse to the downside unless it is hit with some surprise news.
It's a good market for scalping but not a good time to be building big position trades.
I suspect that there is a good chance that the Mexican tariffs never go into effect.
We should be trading this kind of action, rather than making big market direction calls.
We are now seeing why it is so important to focus on price action rather than the negative arguments.
There is nothing the market likes better than a strong economy and a dovish Fed.
Dip buying tends to beget further buying as anxiety grows over being left behind.
While I'm waiting for some index excitement I'm focused on trades in individual stocks.
With the Fed out of the way, look for traders to be active into the end of the year.
While waiting for the dust to settle, here are a couple of names to focus on.