Online Stock Trading | Stocks Were Stuck in Idle as Volume Slides Across Wall Street

Stocks Were Stuck in Idle as Volume Slides Across Wall Street


Filed Under Market Psychology |

Traders were hesitant to jump in or out of stocks Monday as the market ended relatively flat and on lower volume.  Crude oil jumped on news that Dolly may threaten the Gulf’s off-shore drilling facilities.  However, the storm seems a little erratic at this point to judge the path and if it will head towards those oil rigs.  Stocks at this point seem real sluggish and news that AAPL guided lower (sandbag as the street refers to it) the stock was taken out to the woodshed and beaten.  Earnings season is upon us again and we’ll certainly see our share of beats/inlines/misses, but it’ll highlight the point that playing earnings is simply gambling and not speculating.  Monday’s action was quite tame, Day 4 for S&P500 and Day 5 for the NASDAQ respective rally attempts.  It was nice NOT to see us sell off on heavier trade, but will Tuesday bring on the pain for the newfound “bottom feeder” bulls?

I continue to be cash heavy and not a big fan of building any sort of long term positions.  Although we may be close to a bottom, we won’t know until after.  Odds are in my favor when I am patient and wait for that bottom to form and then move higher.

Enjoy

Market Speculator

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