The Daily Dose of Trading Comments

The stair step higher continues as oil crumbles again; down some 2%. I've been hedging here and there as we stair step but for the most part I realize that this is a swing trade time frame we are dealing with here on the short idea. I thought they might support the market this morning and the strength in the chips really helped but honestly, internals are negative, volume is so-so and I don't see this strength really taking off today. I'm sticking with my thesis and am writing the next edition of Naked Trades this morning. It should be out by the end of the day. My focus is on the fourth quarter and what may be in store for these markets.