What Will Be Paramount Going Forward

Well, there can be little doubt as to the "staying power" of the market. Yesterday, the market came closer to tagging the yearly high in the S&P futures, 932.75, and the Nasdaq managed to take out its January/yearly high on April 24. Yes, the markets are poised to make new highs, the internals are improving, yet each and every day I stare at the screens and see the most indecisive price action I have seen in a very long time. It seems apparent that very few are willing to take a stand in either direction (especially on the upside) for fear of being taken out at the knees for the 100th time in the last three years. At this point, while the market may indeed move higher in the future, I  fear that it will continue to do so in the manner which we have witnessed in recent weeks. The market appears content to meander while earnings and fundamentals catch up with valuations.

So what you say?  Well, it makes it clear that selectivity as a trader will continue to be paramount going forward. Yes, and I cannot stress this enough, there are opportunities each and every morning on the HVT front, the catch is that it is in the first hour to hour and a half that they exist. The remainder of the day is spent looking for longer term setups and making myself available for opportunities if they unfold.  Rarely are they unfolding.

Keep an eye on this stock today in the event the market makes a move lower:

I know there is not too much in today's column, but frankly I am groping for some specific topics to embellish on. With time and a potential change in the current price action, there will be plenty to discuss.

One of the traders in my office looks at the market like this currently:

"If the fish ain't biting, don't keep throwing in the bait."

Well said, Gregg.

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As always, feel free to send me your comments and questions.