The Ps rallied a bit on Thursday but gave it back all on back on Friday. This action keeps them stuck in a sideways range. And, net net, this keeps them relatively unchanged for over 3 weeks.
Ditto for the Rusty.
The Nasdaq was also soft. So far, its recently breakout remains in tack but it too is beginning to trade mostly sideways.
Internally, things are getting mixed. Some areas are waking up, some areas are dying out, and some are just going sideways like the market. Even within some of areas waking up such as Metals & Mining, internally not all stocks are rallying. Said alternatively, it is mixed.
With the market so mixed you have to be a very selective stock picker.
And, with the market sideways, you need to make sure you really really like a setup before going after it.
So what do we do? For the most part, we wait. Again, with the market sideways be selective and make darn sure you really like a setup before taking it. And if you do decide to trade, make darn sure you wait for entries. As we’ve seen lately, this, in and of itself, can often keep you out of new trouble.
Futures are very weak pre-market.
Best of luck with your trading today!
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