Weak Week Continues Across Broader Market
Sometimes traders must “grind it out” when the market isn’t presenting obvious opportunities or learn how to assess and take on higher risk.
The major indexes were testing the mettle of traders throughout the Thursday session with a choppy grind that closed with all three in the positive for the first time in days.
The Dow was down most of the day before finishing positive — up just 44.81 points. Big Tech rallied the Nasdaq into the green while the S&P gained a modest 14.08 points.
Throughout the session it was difficult to assess any clear direction in the indexes or specific stocks.
This and recent weeks have been a dizzying environment of uncertain market action filled with wild swings. The market appears always poised for hyper-sensitive reactions in a news-driven world salivating for the latest Covid-19 vaccine news or economic stimulus status.
Times like this require traders to dig into their trading plan and evaluate whether they are in or out for the volatile ride. Simpler’s traders tapped into years of experience on Thursday to take on setups that likely would prove too risky for newer traders. They were quick to minimize losses and take gains as soon as possible while hedging any trades continuing overnight.
Expectations are that some of the technology stocks are gaining momentum and may develop into “rides up” worth pursuing. This despite significant pullbacks earlier this week.
There’s never any definite certainty in how setups will pan out or how the market will move — no one knows the future. Simpler’s traders continue to watch for recognizable setups and stick to their personalized trading plans.
And, our traders have been chatting with members about options and possibilities throughout this market phase.
While it may prove a weak week, the pursuit of gains no matter the market environment keeps us tuned in each morning.
We Saw: A market struggling to find direction —
- Big Tech boosting the broader market
- A lurch into the close for a positive day
- VIX seeing less fear, but what does Friday hold?
We’re Watching: Technology sector, key tickers for a run —
- Careful execution of riskier plays
- Possibilities in currency — metal and digital
- Setups in: NDX, WDAY, INTU, TSLA, SFIX