The Sunny Side of the Street
Figure 1- Daily INDU [click to enlarge]
I'm sounding like a broken record now. Friday was the fourth day in a row of intraday channel trading with virtually no room for trading. I am flat the market at the moment, just in a wait and see mode. For me to go long it would take a break on the QQQs above 24.60, and to go short a break below 24.45. Those two numbers in themselves should tell you something about the state of the market. That's a very narrow range.
"To be, or not to be,--that is the question: Whether 'tis nobler in the mind to suffer the slings and arrows of outrageous fortune or to take arms against a sea of troubles, and by opposing end them?" --Hamlet
While suicide is not necessarily the issue, as was with Hamlet, I think the quote is apt for the war issue. Shall we, or shall we not? It seems to be the lack of decision on this issue that is keeping people from being willing to commit funds to the market in either direction. It has simply stagnated. But, then again, maybe war at this stage in human development would be suicide.
Figure 2- SPY 15-minute chart
On the intraday SPY chart, Figure 2, the Attractors I have marked are at 83.52 for the upper line and 82.27 for the lower line. Breaks above the upper line would tempt me to be a short-term buyer, while breaks below the lower line would cause me to look for a fast short trade.
At this stage almost nothing would cause me to be in a long-term position. The markets are virtually caustic, with very little rhythm to them. Unless you are a very fast, quick on your feet trader, with lots of experience, this is not the time or place to be betting your hard earned dollars.
However, the Real Estate market still looks good.
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