..Subdued

...if you ask us,  it is a little to early for the market to become subdued and not take positions before Sept 18 and Fed reserve day.   But, subdued is what we had yesterday, Sept 12th, as no one wants to show their hand..long or short.    For us traders, 4-5 days of this would be a lifetime if this continues into next weeks meeting. lol.    Now the Fed officials become mum as is customary for a week before the committee meeting, so don't expect any clues coming the markets way from that direction.  So, let the talking heads games oficially begin!.  A lack of direction for stocks till the FOMC might be just what we have to live with...oh well...  So, what we have is the probable we touched on yesterday...the dwindling promise of any good set ups possibly leading to new highs in the short term..    Yesterday, we had some early gains in our closely followed and a few stocks looked as if they might be setting up for breakouts.   Unfortunately, there is not a line up at the gas pumps and many a potential play begin to fizzle out.  The potential for false breakouts is magnified now and unless you see a flurry of buying on nice volume intraday, it is best to maybe hold off on the chase unless you want to scalp.  This type of activity is also why we prefer to do our buying late in the session as we see if the stock in question will at least hold the break and finish at or near highs of day.    This is no confirmation for follow through if volume was not there, but at least it puts the stock on radar for those perusing the new 52 week high lists when they sit with their drink(s) in the evening.

Some stocks that looked promising intraday and fell into that category were MR, GLDN, to a lesser extent EJ, GRMN. 

A possible theme emerging in our bored minds, even if it this play really never left  is the potential for DJIM foreign stocks.   Primarily, the Chinese and Russian telcos because some might be seeing the US' slowing economy and a faster global economy as a reason to get into foreign stocks.  This fact is just clearer now after Fridays employment figs and some might see it as a way out.   Of course , it is not that easy, the large caps  have more business outside of the U.S ... small caps sales is usually 1/2 that of what it is to the large caps.  So, if we do start see this trend emerge further, you'd better get the pie chart out to see where and how much business it does globally. 

MR, looking the best of the lot gave it a good shot before faltering after 2pm.  The volume was constant throughout the day and finished with a nice 1mln day. Still..it showed it wants to move to higher and if the market ducks line up better, we should see higher days ahead. The close might have been just an opportunity to add, especially if we get a good indication from the Asian mkts before the open.

ROS, for those with us since the beginning remember this one we grouped with the GLDN, VIP plays that were emerging back then.  This one enjoyed as much success since and recently picked some stake in GLDN.  This is one stock that held on late and finished with a NCH.  Couldn't ignore a position late in the chart and foreign angle.

EJ, definitely not for the faint at heart at this point.   It continues to move off the 9ema and yesterday looked as if it had the potential to move like it did in early September from 19.50-70ish level break we had looked for.  Because it is at this level again, it becomes interesting as a repeat play.  Volume will dictate this ones short term potential.