What Will Be Paramount Going Forward
Well, there can be
little doubt as to the “staying power” of the market. Yesterday, the market came closer to tagging the yearly high in the S&P futures,
932.75, and the Nasdaq managed to take out its January/yearly high on April
24. Yes, the markets are poised to make new highs, the internals are improving,
yet each and every day I stare at the screens and see the most indecisive price
action I have seen in a very long time. It seems apparent that very few are
willing to take a stand in either direction (especially on the upside) for fear
of being taken out at the knees for the 100th time in the last three years. At
this point, while the market may indeed move higher in the future, IÂ fear that
it will continue to do so in the manner which we have witnessed in recent
weeks. The market appears content to meander while earnings and fundamentals
catch up with valuations.
So what you say? Well, it makes it clear that
selectivity as a trader will continue to be paramount going forward. Yes, and I
cannot stress this enough, there are opportunities each and every morning on the
HVT front, the catch is that it is in the first hour to hour and a half that
they exist. The remainder of the day is spent looking for longer term setups and
making myself available for opportunities if they unfold. Rarely are they
unfolding.
Keep an eye on this stock today in the event the
market makes a move lower:
I know there is not too much in today’s column,
but frankly I am groping for some specific topics to embellish on. With time and
a potential change in the current price action, there will be plenty to discuss.
One of the traders in my office looks at the
market like this currently:
“If the fish
ain’t biting, don’t keep throwing in the bait.”
Well said, Gregg.
If you want to get a feel for what I am doing
specifically each day in real time, try my new Trading
Room Audio Feed, details below.Â
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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My new trading service, “Dave
Floyd’s Trading Room,” through which I offer live real-time audio
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As always, feel free to send me your comments and
questions.
P.S. I also have a new trading module available which teaches how to trade my HVT
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