Can You Spell S-L-O-W?
A slow day in the S&P pit, with very low volume. S&Ps are currently around 1492.25, after trading to a low of 1491 earlier. Our intraday high thus far is 1499.80.
I only spent 45 minutes on the floor this morning. Most of the opening trades I saw reflected the same action we saw yesterday — institutional participation on both sides of the market.
As we stated earlier, our key is to stay above 1494, which will help this market stay bullish. However, given the minimal participation, we may just stay in a range between current levels and the high.
On this kind of a day, it’s probably better to be on the sidelines. Catch up on your market reading.
Or maybe (as we often suggest on these beautiful summer days when the market is slow) go to the golf course and work on your game. (Hey, anybody have a guest pass to Augusta National? Just a thought …)
Seriously, one of the common mistakes traders can make is trying to make silk out of the proverbial sow’s ear. Remember, trades are born out of market activity. When there is no activity, there are no trades.
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