All the News That's Fit to Pin

Despite a gap-fill down to the open on the S&P 500 Index's ETF (SPY), the market currently has the look and feel of pinning a variety of issues as options expire. Indeed, while bears were rooting for a broad-based "sell the news" reaction to Inauguration Day, we may very well need to wait until next week for a better gauge as to how this constricted trading range will resolve. 

Clearly, the blow-ups in BMY RAD and continued weakness in biotechs like GILD drives home the point that those sectors are on hold, at a minimum, until the market assesses how they will fare under Trump.

But, on the other hand, some fracking plays are heating up. We also see a tug of war playing out between the Dollar figuring out which way it wants to break, and gold miners sensitive to the red-to-green-to-red, etc. moves in King Dollar.

I am not seeing the type of numerous upside breakouts that I want to see in order to add long exposure. But given how resilient this market has been we need to keep updating our list of cogent, actionable setups, which I will do for Members now in my usual Midday Video.