We had another choppy day today. The stock market is back to its old tricks from *way back* in 2005 when it just traded opposite of oil. I hated that action then and I still hate it now. But what are you gonna do? :-)
Although the indices ended higher the action over the last two days just seems like a pause in a downtrend to me. Normally when the indices are so oversold I'd be looking to go long but I'm just not 'feeling' the bull side right now. (Of course, I'll play either side of the market depending on what my intraday indicators say.) The indices, and many stocks, seem to be forming something like a falling three methods pattern:
Who knows if the indices will actually complete that pattern but I'm ready just in case.
Here are charts of the Nasdaq and S&P 500 and the Banking Index (BKX):
Hey Mike,
Just wanted to say way to go getting quoted in Barron's!!!
Very nice!
Love the feedblitz e-mails too!
Linda P.
Thanks Linda.