Here’s What Today’s Action Proved
The
news headlines are wreaking havoc on the market as
it was whipsawed back and forth all day.
In the end, we actually
seemed to find some support and close strong, but for the most part remain in
a correcting market.
There hasn’t been a whole lot
to do while the market figures out its next move. I’m looking at a bunch of
industries topping the list like Steel and Mining and it just doesn’t seem
like a good time to play until the market starts to show us some
accumulation.
Dangerous markets just don’t
allow for much wiggle room on the long side. Stocks like
Microstrategy
(
MSTR |
Quote |
Chart |
News |
PowerRating) can look good one minute and get hit the next. On the opposite end
of the spectrum, shorting stocks is never easy. Today’s action proved that as
the Dow went from a 60-point loss to a 25-point gain in under 5 minutes.
Keep the powder dry and home
in on stocks acting well, like Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating).
Have a Great Weekend!
Tim Truebenbach
timt@tradingmarkets.com