06Apr12:45 pmEST

The Market is a Prankster

Despite some charts like ETSY basically ignoring today's drop in the market, alongside a few other standouts we like to track for Members during market corrections and periods of uncertainly and volatility, the reality is that right now the market is a prankster where we can mostly look, but also mostly not touch. Indeed, most stocks tend to struggle with breakouts in a broad market correction, even if the given chart in question is pristine. Hence, we want to maintain our bias of overall, or net, light long exposure until conditions improve. 

At the moment, bulls have their work cut out for them after a mid-morning slide into the afternoon. We are watching whether SPY can hold $262 now, and if the small caps in IWM can remount $152 for a better bounce before the weekend hits. 

For now, though, the market is a prankster and we do not want to go into the weekend with guns blazing. 

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