Another day of low volume. Even the QQQQs with Intel reporting earnings last night had low volume. Everyday the low volume continues into the earnings season it gets more and more interesting. Is it just pure indecision? Are a bunch of traders just playing it safe until we get a definitive move out of this consolidation? Or is something more sinister in the works such as the liquidity crisis predicted by Zerohedge blog?
SPY continues to hang around resistance at $85.
DIA continues to hang round resistance at $80. Notice that SPY and DIA both have a similar pattern forming. There is a pullback and a gap up, a pullback and a gap up and now another pullback. Will it be another gap up?
Today’s trades:
- Added PCX and MTL as junk longs
- Added more DIA short