if we were to tally it up right here right now at 3PM ET we'd see a flat session…with a decent intraday swing. Financials are at the forefront again today along with industrials.
Nothing is really moving a ton however, except silly stocks like GMCR which is up off its intraday lows around 8% today. Clearly some daytrading fun by someone with some pockets. It's annoying but we are staying short GMCR for today.
Most indices are overextended here for the immediate term and it may be that turnaround tuesday tomorrow brings us some lower levels.
I again point out the 15 minute chart of the S&P 500 futures and focus on the top red line. A move through there to the upside should quickly bring us to 1290 on the S&P 500 itself. That is immediate-term stuff.
Otherwise we feel comfortable with our current portfolio – a mixed bag of shorts and longs. One step at a time, one trade at a time.
