Another tight trading session as the NASDAQ composite another all-time high. Volume was mixed with NYSE volume coming in higher while NASDAQ volume peeled off yesterday’s level. The biggest knock on today’s market would be the closing well off the highs of the session. We did close higher on the day and our uptrend remains intact. This tight trading range certainly has made things boring and uninspiring. Regardless of what we may think about this market is still in an uptrend.

Will we see any significant pullback any time soon? The million-dollar question and one no one can answer. We are certainly taking our profits along the way. It is a great way to protect your capital and lock in gains. At some point there is a good chance we will see a correction to the 50 day or even the 200 day moving average. It is prudent to keep our position sizes in check along with adhering to our signals.

We have a bit more detail for members in our new positions report tonight. Overall, we are in unchartered territory in a seasonally weak period for stocks. A week from Friday we get another read on jobs report and it should be interesting to see if we get another blowout report. The Federal Reserve continues to hold rates down while jobs continue to explode. What will the Fed do if jobs grow more than 250,000 in the month of August? We need the Fed to keep the hope alive for this market.

Less than two weeks until summer is over and “normal” trading resumes. Until, then summer trading continues.