It's been an interesting opening today with a quick move lower and the inability to lift much off that opening punch. What's most remarkable is the pressure they are applying to the Russell as it's down 1.25% already and that says the fast money has already folded shop for the day.
I don't see hardly any lift in the financials or the tech sector and without those this market is in for an even longer day.
It also happens to be the first day is quite some time that I've been unable or unwilling to put on a single trade. The metals are finally getting a little lift and whether it's just an oversold rally or something more about to take place we have to wait to see. On the oil front, it's holding unchanged but the sector is under pressure which is what we started shorting it for. Then there's the miscellaneous shorts that are doing OK as well. That leaves the index trades and I haven't been able to find an entry point I like and thus I've just stayed away.
The bias is down today and I'll continue to monitor for an entry point to exploit that notion but for now I'm without a trade in that arena.
I don't see hardly any lift in the financials or the tech sector and without those this market is in for an even longer day.
It also happens to be the first day is quite some time that I've been unable or unwilling to put on a single trade. The metals are finally getting a little lift and whether it's just an oversold rally or something more about to take place we have to wait to see. On the oil front, it's holding unchanged but the sector is under pressure which is what we started shorting it for. Then there's the miscellaneous shorts that are doing OK as well. That leaves the index trades and I haven't been able to find an entry point I like and thus I've just stayed away.
The bias is down today and I'll continue to monitor for an entry point to exploit that notion but for now I'm without a trade in that arena.
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