Good Morning traders, I hope this note finds you happy, healthy and rested.
We continue to remain in a very dull choppy market. I’m not sure what the market is waiting for but without question, it’s stuck between a narrow support and resistance zone making it difficult to trade. Finding tradeable stocks is not the problem but finding stocks with enough momentum to make any money on them is the issue.
We have several items on the economic calendar this morning that could still move the futures around in the premarket but as of now we are pointed to a slightly bearish open. The oil status report at 11 eastern could prove to be very important today. As you all know oil has been slipping lower so a report showing a decline in supply could really be helpful to the overall market lifting oil prices. Of course, if it were to show a build then the selling that could happen in oil could push the market lower.
I plan to remain cautious and will not be looking to add additional risk in a 50/50 dull action overall market.
Have a great day!
Trade Wisely,
Doug
Comments are closed.