Today was in my opinion another boring day in the market. There were no major moves in the broader indices, with both stocks closing relatively flat. Commodities were in the spotlight as oil and gold both fell a few percentage points respectively. With respect to MCD and TWTR there was no intra day movers that caught my attention, just a lot of fades (SPY and NFLX to note).
Stocks that I am watching tomorrow:
Wednesday tends to be a flat day many weeks so what I want to see is whether the momentum is positive into Thursday/Friday or if we will see a move back down to the week’s low. I will be seeing whether AAPL can hold 130 and whether NFLX can hold 615 (where it started the week).
I think Goldman Sachs got it right when they said the market will be flat for a long time. This dull action may force me to trade stocks more so because over the last few weeks I have had many losers trying to gage individual day moves and playing options to do so. My gut tells me the market will close right around here on Friday, so I do not see yet any trades that I will put on.
I think the best course of action is to keep all position sizes small because as of right now it is basically a guessing game as to what the market does tomorrow or the next day.
great recap Max. TWTR seems heavy still, could not follow through on late day move. Market back in consolidation mode with neither side willing to let it go. Have a great night
Thanks UPB. You too.