Another roller coaster session for stocks as an afternoon rally pushes stocks near a high of day close. Volume jumped day-over-day, but stocks were unable to close at session highs. Durable goods orders fell, but did not fall as much as expected. Good news? At the end of day it will not better. Only price matters. While today was not as bad as it could have been really did not see enough of a reversal to clear a path for us to move higher. Not to mention we still have a lot of charts banged up. This market is not out of the woods just yet. Patience remains a must and cash is still king.
The afternoon part of the session it did appear we could head into positive territory. Given the volume on the day it would have been a great development for the market. This market simply couldn’t muster enough buyers willing to bid up stocks to push the major market averages into positive territory.
Not much else to do here until we have further evidence this rally has legs. Stay patient and when the time arrives we’ll be ready to pounce.
