A quiet session today as stocks end flat with volume drying up. The VIX continues to hang near multi-month lows pushing VXX to more all-time lows. Investors are expecting volatility to remain calm. SPY and QQQ average true range continue to remain near multi-month lows as intraday moves have become real tight. At least DIA and SPY have tried to consolidate while the QQQs just sit at the highs of the year. No pullback for the technology heavy index. All eyes will have full attention on tomorrow’s jobs report. Not a bad session, but for the S&P 500 and Dow we will need a trend to show itself.
Sentiment continues to bore. AAII bulls ended the week at 30% while bears are at 27%. AAII respondents simply aren’t interested in this market at all. For those who simply do not have the time the gains aren’t there to get them aboard. It is a shame because there are gains to be had. Do not let the media scare you away. Get a plan and execute. While it may not always be easy we must always stick to the game plan.
Crude oil finally had a two-day win streak. Let’s not forget it had a tremendous losing streak. This two day rally doesn’t make a trend, but for now it remains in a little oversold bounce. DBA and DBC continue to fall as inflation appears to be contained. Aside from rising rents commodities are not showing inflation is about to rear its ugly head.
Tomorrow should have some fireworks. A big number certainly would make things very interesting. It would be nice to kick up some fun and moves for us to take advantage of. Only time will tell. In the meantime, keep grinding.
Go out and enjoy the weekend.
