It’s been a bit of a slog so far this week. Wednesday was particularly challenging after the indices gapped sharply higher following the ADP report and proceeded to fall apart after the minutes from the most recent FOMC meeting hit the wires. Both sides continue to find it difficult to make any meaningful progress, and both side can find reasons to support whatever view they want to have. The bulls point to the fact that market leaders like TSLA, AMZN, FB etc are at highs, the Nasdaq is a mere 60 basis points off record levels, and the economic data remains strong. The bears, on the other hand, insist that political uncertainty and valuations will surely be this market’s undoing.
We have no clue how the proverbial cookie will crumble, and as always, prefer to take our cues from the charts. At the moment, the indices remain above key technical levels, the broader market profile remains positive, and there’s been some good trading under the surface. Members of the Shark community, for instance, capitalized on a few solid opportunities on Thursday that developed in between the bells, including CLNT and SBLK.
We’ll let the pundits argue about their predictions, but for us, the real work in this market is accomplished by digging through mountains of charts and finding high-odds set-ups… not trying to guess which way the market might zig or zag next.
Let’s take a look at some charts:
At the time of this post, principals, employees and affiliates of Shark Investing, Inc. and/or principals, employees and affiliates of Shark Asset Management, Inc. (“SAMI”), directly or indirectly, controlled investment and/or trading accounts containing positions in SBLK. To accommodate the objectives of these investing and/or trading accounts, the trading in these shares may be contrary to and/or inconsistent with the information contained in this posting.