very choppy day + very low volume making the market very boring..so I didn't trade...tried to stay patient all day....nobody can catch all the moves, but it's always nice to stay defensive and safe with cash knowing that I will always be able to pounce...
Couldn't trade some of the financial names today like GS and JPM...so many overhead resistances and the fact that we had very low volume prevented me from entering any positions...any move could be whipsawed back down..
Also, I'm finding the range is decreasing which is making it harder to ripple trade the stocks...GS, JPM, MS are all making triangle formations, which in a downtrend act as continuation patterns. The decreasing volume confirms the formation of these patterns...going to hold on for the ride, because the market could pop either way in this crazy market...
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