1:47: The market is in a holding pattern…
If she moves and creates an opportunity before the end of the day (with enough time left on the clock…), I will comment accordingly
Otherwise, if she doesn’t move…
We’ll see you in the video tonight…
1:36: As for the SPY…
directionless floater on light volume – still…
1:35: A word on the Transports…
We all see the crazy move the Avis had – doubled in a day…
Hard to believe, but it does seem to be the culprit for the move higher in the index.
However, if you look at IYT which is the exchange-traded fund that tracks the index, it’s a real representation of what the transports are doing…
Translation, the index has a flaw that will now be addressed.
You’ll hear about (or not hear about it) in the next day or so…
12:55: Update…
No man’s land, waiting on the Fed…
A floater with the trend on all time frames is the dominant thing…
Just sayin’
Back as needed…
10:50: Not much to comment on in terms of the SPY…
They’re in no man’s land around 461.50…
Just floating…
Back after lunchtime…
10:32: After an hour we’ve got about 10 million shares traded in the SPY which is on the lighter side of very light…
They’re floating in a chop shop formation…
Waiting on the Kabuki….
Back as needed…
10:17: 460.73 against the support at 460.75 and the bounce…
Funny how that works…
10:08: Of note…
The transports are up over 5%.
Looking at the individual components, they’re not up like that….
Interesting for now….
10:07: 461.43 high so far against 461.50.
Remember – 460.75 is the short-term pivot or line in the sand for higher or lower prices…
10:02: From a very short-term perspective, 460.75 is support.
Below that and the door opens for 460 give or take…
It’s quiet and they’re floating until they find a morning pivot…
460.50 is a pretty good spot….
9:50: It’s not easy in no man’s land, but from where I sit, they’ll likely get to 461.50 give or take…
9:42: Around and at new highs is no man’s land…
We just let the SPY go until she shows a storyline…
9:37: SPY just pushing a little, but it’s very light volume and no conviction…
They’ll go back and forth…
460.75 was the official completion of the inverse from the video…
Of note…
9:33: So far, nice trade on MOS…
SPY quiet…
9:00: The pre-market activity has been rather quiet…
“Waiting on Kabuki?”
We come with no preconceived notion. Instead, I have an open mind for whatever Mrs. Market wishes to provide…
We’ll let em’ go to get a handle on the early storyline…