Mid Day Trading Update – Holding Pattern
Markets are flying in a holding pattern right now with the broad indexes wavering from positive to negative territory. You're looking at a mixed bag across your sectors here with Financials on the weak side while the Techs are catching a slight bid. Off the open, we were quick to give back the premarket gains and push well into the red zone but we have since retraced back to positive territory and are looking to attack that SPY $156 level. Of course, with this chop type of environment, who knows we may even dump all the way back down to lows.
Holding longs & shorts is not the ideal play with this activity and a trader must be able to quickly change strategies to compensate. Scalping the momentum in either direction is still the ideal play here or simply not trading at all makes for an excellent strategy as well.
Bulls seem to still linger on the dip buys and continue to chew up negative reports. We had some lackluster earnings this morning and a slight miss from the Home Sales yet bulls are still holding the markets up.
I would highly recommend pursuing another hobby today versus trading this nonsense.
Stay tuned for more updates!
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