Currents and counter currents in the market make direction finding a challenge.
There are currents and counter currents swirling in the market. Oil prices are up, oil prices are down; The FOMC will raise rates, the FOMC won't raise rates; Strong dollar is good, Weak dollar is good; US growth is tepid, US growth is OK. What are we to to make of it all?
I'm sure I don't have to say but I will, finding direction in the market is pretty tough these days. Just when you think the market is settling down we get a rumor out of the oil patch, testimony from Janet Yellen and mounting fears in the global banking sector.
The thing to remember is that, at least for now, most of these fears are fears. They are driven on speculation and rumor as much as if not more than reality. Once the swirling vortex of undercurrents realign the market will be able to refocus on what is important, earnings. Yes, outlook is being downgraded but it remains positive, not to mention the fact that this quarters earnings are better than expected.
Because today was a prime example of just how rumors, fear and comments are affecting near term direction there are no new plays.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays