One stock testing resistance........VED
and one stock testing support.......BOK
This more or less sums up the market at present........directionless, up one day down the other with high volatility..............VERY FRUSTRATING.
My system churned out over 40 stocks sitting on support at the close today whilst it churned out 10 stocks trying to blast through resistance. I suppose this places the odds on the market falling especially after the US market down day today, then again the markets have been very resiliant.
Add to this the number of stocks stuck in tight trading ranges eg, HSP, RMG, and we seem to have a market awaiting some kind of stimulus to decide the new direction we should be taking as traders.
As my chum up on the talk thread Alders says, sometimes it pays not to trade in the market in other words watch and see...............and i think Ill do just that for a while and get the gardens mowed.