|Day Low/High||17.00 / 17.36|
|52 Wk Low/High||5.53 / 18.20|
When trading in front of the Fed the focus must be much more defensive than offensive.
We all want a bargain -- meaning we pay less than the highest price -- but that thinking doesn't work with stocks.
The momentum in the broader market is not that strong and the rotational issue continues.
China trade issue is no longer dominating the action.
Flat markets tend to produce favorable technical setups, but this one may put us to sleep while we wait for further developments.
These buyers are most likely to be flippers and they will exit fast and kill the bounce tries.
I'm optimistic that we will see some better stock picking action if the breakout holds and momentum continues.
Knowing when to continue to fish or cut bait is something that develops over time in this space.
While today's action isn't attractive, we were ripe for a little profit-taking.