Biding Your Time

To be sure, the pace of the market action in equities continue to astound in terms of how lethargic and indecisive it truly is.

Patience and resisting the urge to put on too many wagers is an underrated aspect about nearly all forms of speculation. But it surely applies to the current market, perhaps into Election Day or at least FOMC on Wednesday. 

The 30-minute chart for the S&P 500 Index's ETF, below, illustrates that buyers have had issues with the $213 level this morning, roughly equating the 2130 on the actual S&P. You can also see the potential for a bear wedge breakdown, highlighted in light blue. But bears have not been too aggressive either, out of the small caps and biotechnology issues. In addition, bears have not pounced on the trouncing seen in crude oil today, which may embolden dip-buyers in equities soon. 

Overall, we are staying tight but opportunistic for special situation trades, across various markets. 

More in my usual Midday Video for Members.