When you use a ton of technical indicators bit still suck at trading.
Nasdaq: +3.93... S&P: +1.32...
Another mindless day filled with no tricks and turns. Uncertainty ruled the day as the market prepared itself for the upcoming meeting between President Trump and Chinese President Jinping, and the resurgence of health care reform (and what it will mean for tax reform). So wall meets worry.
In other news today, Fed president Lacker resigned because he admitted to leaking market moving Fed info to Medley Global back in 2012. Medley Global is a research arm that supplies info to hedge funds and other entities that are looking to "get an edge". He also admitted to lying to the Fed's general counsel on two occasions. No charges will be filed, but he's out. CNBC's favorite guest. What a great time to audit the fed huh?
Biotech (XBI) slightly violated that uptrend line today but managed to hold its 50-day moving average. If you exclude holidays, this was lowest volume day for IBB since September 18, 2014. New health care reform chatter is adding a little weight to the group right now.
Some strong patterns to watch right mow include APPL, SAGE, ARCH
Some short candidates include AXL, CHS, FOSL, SIG, and JACK
See you tomorrow.