You'll Want a Front Row Seat to This Summer Movie

The zoomed-out hourly chart of the IWM, ETF for the Russell 2000 small caps, offers good perspective on the current choppy market climate.

Note the lower highs, but higher lows highlighted by the light blue lines I have drawn, indicative of overall indecision. Until this pattern resolves itself, and it may very well do so imminently as price reaches the apex of the triangle, it is usually best to err on the side of taking on too few trades rather than too many. Simply put, you will want a front row seat to this summer movie's ending. 

That said, the hot stock of the day is biotech IMGN, which may be worth a look as a day-trade long after this opening tight intraday consolidation.