Despite all the negative earnings for a few cyclical companies , AA, AMD, the market showed little fear as it shrugged off an almost triple digit negative intraday move and then toyed with ending flat on the day. Some corrective action is still needed, but some indices like the SPX just continue to be in a tightly held range. Judging by the volume, both the Bull and Bear are acting like the news mongers they've become over the past months waiting for an excuse the run with the market either way. Nobody wants to do anything it seems unless they get some hand holding in the way of bombastic news to guide them. To us no news is good news and the only hand we're holding is that of our April hottie, our shadow/watchlist as it continues to lead us into greener pastures. We could sit here all day, week and have what many are calling boring..ho'hum action while we all just profit here..it's all fine with us. We've had plenty of nice moves in April and have pocketed many a gain, yet we are constantly coming back to our good friends. Yesterday our friends even started to listen well after we alert noted a few may still shoot to highs into the close. You really didn't need to do much all day and just catch the last half hour or even last 5 minutes with V, FDG, MELI. These and a few others, mostly the shipping boys is where we're hanging out and to be honest are eager to get back in size on the steels etc. The reason is our mouths are watering at the prospects of having this market rise. Reason being is the financials are soooo' ready to lead us. It's just a feelin', nothing really technical. So, as all traders sit here, the Bears are waiting for recent history to repeat itself of the market sliding off these levels, hopefully hard on bad news, but we think they maybe are becoming complacent and will be in for some shock treatment.
We're not going to go further today and jinx, you have the plays. All we could say again is our mouths are watering, especially at the prospect of Bears foaming at the mouth shortly. Uuuahh, we're getting nasty;)!. Hey, if it doesn't happen, no biggie, we're happy with the damage we've done here recently and are not loaded to the hilt to take a hit if we don't get our way. Hopefully, DJIMers' are feeling the same.