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MARKET TEMPERAMENT –
Markets continue to be managed by mixed traders creating big bounces and fades – this is what I suspect will be the new normal….making things tougher on the swing traders with longer timelines. Stay very nimble here. Though we are grinding higher, the swings up and down will not allow things like trailing stops unless they are very wide. The key to trading well here will be about the shorter cycles, moving in and moving out…. else it will become a game of FROGGER (for those who remember that game =). Resistance zones will remain strong. The SPX is showing 57 points of motion around 2510 expiring tomorrow. That’s a range from 2567 to 2453 – so keep an eye on those edges if we begin to loom toward them.