Don't Feel Obligated to Play this Market
While the bears didn’t gain any ground today, the bulls couldn’t get anything going either. With consumer confidence coming in slightly better than expected (yet not a strong number), the bulls tried to make a move north. Unfortunately, they quickly lost steam and we traded in a tight range all day long before ending the day about even.
We had strong volume Tuesday, not typical for this historically slow season. I mostly attribute it to short covering and many longs anxious to sell into any strength rather than a bullish accumulation day. It felt like very little was happening today even with the solid volume…….
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