Be On The Lookout
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.