Thursday, February 21, 2008

State of the Market - 2/21/08

No commentary needed today. There is no point. Here are the last six trading days on the S&P 500:

2/13 – Up 18.35 points

2/14 – Down 18.35 points

2/15 – Gap down, closed at highs for the day

2/19 – Gap up, closed at lows for the day

2/20 – Gap down, closed at highs for the day

2/21(today) – Gap up, closed at lows for the day.

Schizophrenic. Bi-polar. Psychotic. I am not a licensed psychiatrist so I do not know which of these descriptions would best fit this market, but probably all of them would work. How about this – it sucks! Volume was lower today as well. I am out and have no more interest in watching this type of chop. I am just embarrassed it took me so long to realize this – my fear of missing some big move is a weakness I now recognize. Good luck if you want to keep trading here. I have to assume this will end at some point, hopefully in the near future. I will watch for a sign that things are moving one way or the other for good, but until then, and until we get some sort of volume, be careful or just take a break.

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