After three days of low volume bounce, the market was down around 1% yesterday on higher volume. 71% of the issues were declining. A V shaped bounce is prone to failure.
Breadth continues to be negative:
The best Twitter post yesterday was by Dan Zanger: He has been consistently advising caution. But many traders are more interested in action than profits.
Dan Zanger
Some traders here act like it is a badge of honor to trade bad markets. Forget the ego. We are here to make money. That's it.
https://twitter.com/#!/DanZanger
He has been consistently advising caution. But many traders are more interested in action than profits.
If you are a swing trader primarily focused on growth/momentum this market does not as of now has setups that favor that kind of style. Understanding that is key.
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