The Market Is Dazed and Confused Right Now

Such odd behavior we’re seeing in this market. The false starts, the fails, the rally then the sell off.  It’s got it all.  Chop with a lower bias.

This action tells me that the market is indecisive, it tells me that earnings are the focus, but Europe, Russia, and collapsing oil prices are still in the back of everyone’s mind.

I looked at the charts of the  major indices and it just tells me that they are in a trading range right now.

SPX trades from 2000-2060

QQQ trades from 100 to 104

IWM trades from 114-119

So we’re in a very choppy range and that range may stay choppy until we can get earnings out of the way.  With the exception of AAPL, which really nailed their number, most numbers are failing. Tonight FB reported, but its down a bit as the street worries about their margins. QCOM is down 8% in after market trading after a soft report.

I sold some ZLTQ today as the market started getting weak and I raised the stops on a few of our stocks, so if you are following at home check the P&L.

If we haven’t bottomed, i think we are pretty close, so hang in there and I’ll see you in the morning.

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