Tuesday, November 17, 2009

State of the Market - 11/17/09

We saw another up day today on Wall Street as stocks were able to bounce back from some light early selling to close near their highs for the day. Volume however was once again lower and below average. All in all, it was a pretty boring and slow day.

I really don't have much to say today - nothing has really changed. I still don't have a good feel as to where we head from here and much will depend on the dollar. I would not be surprised we keep heading higher because nothing surprises me anymore, but I am unfortunately still not seeing a great amount of long setups out there. Because of that, I will probably keep my 100% cash position and not do much this week. If I would make some trades, I have a feeling I would just get chopped up and be making them for the sake of trading - never a good idea. From where I sit as a swing trader, there still just isn't much to do here, as boring as that sounds.

Good luck tomorrow - like I said, there isn't much to say today that hasn't been said before. Sorry for the lack of ideas or analysis - I just don't have any for today. Take care.

2 comments:

Anonymous said...

Dude,

Just buy tomorrow morning and you will feel better...we are in a sweet spot now...it doesnt get any better. Not sure why you are fighting the trend. Not saying you have to put 100% cash to work..try 25% first.

Jason said...

hes right just buy tomorrow, dollar was up and stocks were up, so that correlation is over, just buy. Longer term problems will come home to roost, but not any time soon it looks like.