06Oct1:21 pmEST
Any Excuse Will Do for a Move
It is not so much that tomorrow morning's jobs number is going to be a data point of great significance to the market. Instead, observing the S&P 500 Index's ETF on the hourly chart since Labor Day, below, I suspect stocks are looking for any excuse, rather than a catalyst per se, to break its narrow range and sustain a move with a bit more staying power. In the meantime, staying light and tight with overall portfolio exposure has been a good defense against the alternating red and green gaps on a daily basis.
Having said that, a few notable groups continue to outperform and are being magnified today, given the price action, such as the medical device stocks. I will highlight the best of them for Members in my usual Midday Video.
Also, to update TWTR from my earlier post, the stock may very well be in near-term (intraday) washout mode beyond the huge gap down this morning. A "three day rule" may very well apply here, stepping aside until next week to see if lower risk entry presents itself, if at all.
Weekend Overview and Analysi... Stock Market Recap 11/22/21 ...