|Day Low/High||16.83 / 17.88|
|52 Wk Low/High||7.26 / 18.25|
You don't have to be Sigmund Freud to understand the psychology here.
While I'm waiting for some index excitement I'm focused on trades in individual stocks.
These names are showing technical characteristics of either bullish or bearish reversal patterns over the past week.
The market's reaction to James Bullard's comments this morning is following an all-too-common pattern.
It's hard to believe the bounce will continue to run in V-shaped fashion.
If we have a little consolidating action here the buyers will start pushing again.
In addition to the State of the Union address and the Fed interest rate decision, companies representing about 25% of the Nasdaq 100's market cap will report results in the next two days.
While painful to longs, the market will be better for it.
It would be a longer-term positive if the overbought conditions are alleviated.
The challenge of this market is to keep finding new buy entries as more and more stocks become extended.
Only when the picking worsens will I start to worry.
The sector has been a great trading group lately and I bought these 2 names this morning.
What drives the trading action are structural issues, not macroeconomic news events or political drama.
You have to wonder how much longer we can run without a pullback of at least 2%.