Scalper1 News
Major averages rose on higher volume as they all cleared their 50-day moving averages. Choppy riptide action has been the way of things since mid-December so with leading stocks continuing to lag the pace of the current bounce, there is cause for concern. Further, the major averages remain stuck in a trading range until they start making higher highs. At present, volatility continues to rule the day as does defective price/volume action. Meanwhile, oil continued its bounce helped by an oil refinery strike and signs of inventory buildups. Keep stops tight as always and remain nimble if you are trading stocks. MDM remains in cash as the sidelines are a good place to be when the market is as noisy as it is. As Jesse Livermore once said, more money is lost by investors trying to trade when the market is not right to trade, and as the market exhausts investors’ patience, that is often when the market gets traction and starts to trend. Scalper1 News
Scalper1 News