The S&P closed almost perfectly flat on the slowest volume day of the year at 6.02 billion shares. Everyone is waiting for the next shoe to drop. I don't exactly know which shoe they are waiting on but there is very little buying interest and very low volume. The A/D line was 3597:3956 advancers to decliners so a slight edge to the decliners but basically dead even.
The first three of the big banks report earnings on Friday to kick off the Q1 earnings cycle. I don't know why investors are scared of these earnings because JPM, WFC and PNC are hardly representative of the market. It could be investors are just worried about the Q1 earnings cycle in general with the -2.5% expected decline and worsening. There is no reason to buy today and the market action clearly proved that.
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Current Position Changes
FIVE - Five Below
The long call position was entered at the open.
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