After a rocky start to the session the market was able to get a lift into the close.  Volume was mixed on the session with volume on the NASDAQ slipped.  Small cap stocks lagged on the session, but still remains well within its current uptrend.  Despite the high level of distribution across the indexes we are on the verge of breaking out into new high territory.  Yet, we still await confirmation of a move into new high territory.  We have a very interesting market on our hands and while we are positioned for a push higher anything is possible.  Patience is a virtue and in this environment we need all the patience and discipline we can muster.

An interesting tidbit is we are fast approaching another milestone for this market.  One more month and we will have experienced the second longest streak without a 10% correction in history.  Last October we did see a 9% correction.  However, it never crossed the 10% threshold.  Corrections typically help reset bases and produce powerful gains.  The type of market we are in it takes quite a long time to produce the big winners like VIPS.  We can complain all we want, but it will not benefit our trading.  Save the crying for something worth crying over.

Earnings continue to be an interesting mixed bag.  ILMN posted what appeared to be solid earnings after the bell yesterday.  However, today the stock was trashed today.  MCD posted what appeared to be decent, but was unable to close out at the highs of the session.  Even this market is unable close out strong at the end of the day.  Nothing is normal when you have markets being bombarded by HFT and ZIRP/QE.  We can dislike intervention, but unless we adapt we will fail to profit.  Adapt or die.

This market lacks the high flying stocks we typically see in a bull market.  They are so few and far between you have to learn to adapt to the current conditions.  Slow moving markets require patience and discipline.  Have you been able to adapt?  Sign up to Big Wave Trading.