The low volume this week suggests fund managers and investors are just passing time until a market direction appears. With the Dow down -189 today, Nasdaq -67 and S&P -24 it would appear the selloff has returned. However, the volume was very low at 7.0 billion shares on both Monday and Tuesday. There is no conviction until the market picks a direction.
As I said in my market commentary today, the direction for Wednesday is a coin toss. The long-term charts are bearish and the short-term charts are bearish until key resistance levels are broken. There were some positives in today's market such as 1/3 of the stocks posting gains rather than declines. Somebody is bargain hunting but they are doing it on low volume.
With the market down hard today and futures down this evening and no directional clues, I am not adding any new plays today. We have three that are not yet triggered. I do not want to end up with a big portfolio of positions only to have a repeat of the prior week when the S&P dipped to 1,810.
There is always another day to trade as long as you still have money to invest.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays