Friday, June 25, 2010

State of the Stock Market - 6/25/10

Short post for Friday - to be honest, there isn't much to say really.  We saw some further selling early on today, but around 11:00, the bulls came in and pushed stocks up off their lows.   By 1:30, stocks were up nicely and it looked like we were going to see a nice bullish reversal with the Nasdaq moving up 35 points off their lows.   That of course would be too easy however, and stocks fell back into the close to finish up only slightly and in the middle of their intraday range.   Volume today was extremely low and the last half hour in particular was a complete chopfest.

This was my Twitter post from today around 3:00 - "I see stocks that look good here (APKT, PWER, ENTR, ARMH, AAPL, RDWR) but I simply don't trust this market enough to go long anything."  I think that pretty much sums things up for me.  I was tempted to put some longs on this afternoon but passed - turned out to be a good decision.   I was tempted yesterday as well and passed - another good decision.   Discipline is very important right now and I am trying my best to be disciplined.  It remains a very difficult market that can't really be trusted either way.  I don't know how anyone can take a position right now and have any confidence in the direction of the stock.  We could be up or down 2% on Monday and either one would not surprise me in the least.   

Enjoy the weekend and the time away from this choppy mess we have right now - I'll be back to share some setups but again, it is hard to play anything right now.   Take care and go U.S.A. soccer!

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