18May11:03 amEST

More Musical Chairs

The daily rotation attempts below the market's surface continue to play out today, with a game of musical chairs seeming like the most appropriate analogy to the current market environment.

On a day-to-day basis, a given sector like the financials or biotechs may lag, only to them pick up the slack and lead higher like they are today. This type of action makes for a choppy swing trading environment, with a focus on keeping positions and stop-losses tight a priority. 

So with banks like BAC JPM bouncing back this morning, and the S&P 500 Index recapturing 2045, we may have to wait until after the Fed Minutes later today for any near-term catalyst for a potential break. 

The crude oil ETF, USO, is pausing at its declining 200-day simple moving average after inventory this morning, though nothing resembling a sharp rejection has been seen yet. 

Going forward, if the market continues to bounce and gathers steam into the afternoon I have my eye on some names holding up well technically, such as BSX and CRL. 

You See There, Scooter. He T... GameStop is Distracting You ...

 
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