Market is all over the board today, selling off considerably on the jobless claims, while the housing report gave the bulls some renewed energy. The market is trying to close lower for the third consecutive day, but there doesn’t seem to be any substantial profit taking at all right now, and frankly, I’d like to see this market move at least another 15-20 points lower before loading up on any long positions. Right now, I’m standing down – if we get a sell-off into the close, I may add 1-2 new positions.
Here’s the S&P Hourly Chart…
