Waiting Game

• February 8, 2002
• Dave Floyd

The
waiting game continues. Despite some decent intraday setups, the
overall market remains range bound which is preventing a revisit to the
full-blown days of the Big V, volatility. Don’t despair though, the patient and
observant trader can still pull a few nice trades out each day.

As I mentioned in mid-January, the
classic technical setups were just simply not there all that often. One needed
to rely more on their tape-reading skills in order to uncover good trades. We
are seeing that again, but I do not suspect we will be here very long. The
market remains at what I consider a major inflection point, and it is only a
matter of time before the market makes a decisive move from here.

As a result, there is not a whole lot
to discuss, so I will leave you with the Key Technical Numbers. You will even
notice that they are almost identical day to day, simply due to the tight range.
You know the market has quieted down a bit when you can basically write them
down without having to look at your charts!

 Key
Technical Numbers (futures)

As always, feel free to send me your
comments and questions. See you in TradersWire.
Have a great weekend.

Dave