Good morning everyone. Today we have several economic reports starting with the ADP jobs number and ending the Oil status report and several other in-between. Personally, I think the Oil report has the best chance of moving the market but any surprise on jobs could also get us moving. The question is which direction.
Without question, the market is a mess. For an entire month, the DIA has chopped between a range of less than 3 points with a different direction almost every day. Now we are even seeing intra-day whipsaws between the upper and lower ranges.
Chop like this dangerous and unproductive. A wise trader is mostly sitting on the sidelines just waiting for a direction to be decided on. Trading this mess is akin to playing in a meat grinder. Just say no to chop!
Expect the market to really get slow and choppy after the morning rush of reacting to the news as we then go into a waiting pattern for the Friday Jobs number. Anything is possible.
Trade Wisely,
Doug
Comments are closed.