Good morning. Happy Wednesday.
With unemployment numbers out 60 minutes before tomorrow’s open, I’d expect today to be on the slower side. Then after the first hour of trading tomorrow, the market will be dead as many traders take an even longer weekend (the market is closed Friday).
The market closed yesterday in the middle its 2-month range. Rallies get sold; dips get bought. After two months the market is unchanged.
The market moves up; the bulls get excited. The market moves down; the bears get excited. But he who’s happy one day is frustrated the next.
This choppy “rinse and repeat” process has messed up a lot of charts. Obvious support and resistance levels are harder to determine, so entries are more difficult to identify.
All we can do is trade the market we’re given, and right now that means shorter time frames and quicker profits. Shoot for singles and an occasional double. No swinging for the fences right now.
Here’s the 60-min chart…lots of choppy action…very little overall movement.
Don’t over trade. More after the open.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
yesterday’s leaders & laggards
this week’s earnings & economic releases