The market wants to bounce but can't quite make up its mind to do so.
The market is due for a bounce, looks like it is setting up for a bounce but can't quite make up its mind to do so. Today oil prices and testimony from Janet Yellen were to blame.
Oil prices went on yet another wild ride, up one minute and then down the next, carrying the broader market with it, while traders hang on every rumor coming out of the oil patch. The much talked about deal brewing between OPEC and non-OPEC producers continues to drift through the market with no real news to speak of.
Janet Yellen's testimony before Congress was much the same as it has been. She says we've made progress toward max employment and that the 2% inflation target is sure to be hit in the medium term. The economy remains strong and is expected to see further improvements in income growth and the consumer. The flipside is that low energy prices are holding inflation in check. The kicker; even with current uncertainty in the market the Fed's next move is more likely to be an increase in interest rates and not a cut.
I'd like to see some more commitment in the market to direction before initiating any more plays.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays