The Ps tailed lower but reversed to close flat on the day.
Ditto for the Quack.
The Rusty (IWM) also tailed lower and reversed but still lost 1/3%.
With another flat day, with a few exceptions, not much changes.
One of those exceptions is Steel and Copper. Both have been breaking down as of late and continued to break down on Monday.
Speaking of Metals & Mining, yet again, I still think a major bottom remains in place in the Gold & Silver stocks. However, shorter-term, they continue to chop sideways. So again, make sure you wait for setups and entries here in light of this action.
Uranium has been strong but is pulling back shorter-term. This could provide new opportunities here for those who missed the first leg.
Once again, since the technology filled Quack remains in an uptrend, most of tech remains strong. Areas like the Semis and Internet have pulled back a bit but so far, it appears to be just that—the beginnings of a pullback.
Drugs and Biotech managed to close in the plus column. So far, they appear to be stabilizing from their recent correction.
So what do we do? Once again, based on the action in the overall market, I’m still not seeing a whole lot of meaningful setups. When this occurs the database will sometimes produce some setups that aren’t necessarily correlated to the indices such as commodities and Foreign stocks. And, right now, I’m seeing some Chinese stocks trending with a few beginning to set up. In the commodities, most of the Gold and Silver stocks, with a few exceptions, are no longer set up. For the most part, I think the database is saying to continue to let things shake out a bit. Continue to let the market come to you and take things on a setup by setup basis. If you don’t think you have the mother-of-all setups, then pass. It’s okay to wait.
Futures are flat pre-market.
Best of luck with your trading today!
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