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Patience is a virtue in this market. As Kevin Haggerty mentioned in his column yesterday, there WERE setups despite the sideways movement of the major averages. Yesterday was no different. In between frequent coffee breaks after the opening hour, I did manage to find a couple of trades off the 5- and 15-minute bar charts. Bottom line: There are trades, just be on the lookout and be patient.
The opening hour provided a handful of setups (HVT) on story stocks like El Paso Energy (EP | Quote | Chart | News | PowerRating), Halliburton (HAL | Quote | Chart | News | PowerRating) and Tyco (TYC | Quote | Chart | News | PowerRating). Absent those few setups, it was more of an approach on the longer time frame mentioned above.
At some point the markets will give, and that will be the point where traders like ourselves will be able to capitalize. When? How much? I could not tell you, but it will happen. Keep yourself in the game until that day comes. As I have said many times, a large percentage of any trader's income in a given year comes from small pockets of extreme volatility
Key Technical Numbers (futures):
| S&Ps | Nasdaq |
| 1081 | 1273 |
| 1069-70 (confluence) | 1255-58 |
| 1063 | 1229 |
| 1053-54 (confluence) | 1217-18 |
| 1045 (contract low) | 1205 |
| 1038 | 1177 |
| 1020 (projected low) | 1140 (contract low) |
| 1123 |
As always, feel free to send me your comments and questions. See you in TradersWire.
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