Not one of the most exciting days on the street as volume was light and the market’s ended mixed. For bulls this is a welcome sign. A lower close across the board would have been ideal, but beggars cannot be choosers. A few more days of this type of action would do this market some good. We definitely need to see new leadership emerge and breakouts to hold. Today was a good day as it was incredibly boring. At times we need boring. A good start to the last week of March.
Crude oil ended lower on the session weigh on energy stocks. Energy was a laggard on the session along with the NASDAQ. While energy and the NASDAQ moved lower the VIX pushed higher during today’s session. Bonds rallied higher pushing the yield on the 10 year below 1.90. The S&P 500 and the Dow seemingly ignored and bucked what would be normal. This market has been and will likely be anything but normal.
A solid start to the week for most. Our trend remains intact and at this point we do not have any indication this market is about to collapse. If you read twitter and Blogs you would think this market is on the verge of collapse. Sure, the lack of volume and fundamentals do not support a healthy market. However, this market continues to be driven by central bank actions skewing everything from the norm.
Stick with the trend and Big Wave Trading.
