Stock market indecision continues
The stock market indecision is real!
Can we get a day that doesn’t just involve a gap at the open, and nothing but 6.5 hours of endless sideways trading there after?
Last three days have been an absolute snooze fest.
- On 9/19: SPY closed $0.06 below its opening price
- On 9/20: SPY closed $0.35 above its opening price
- On 9/23: SPY closed $0.28 above its opening price
There is zero action intraday, during regular trading hours, to work with. It was a miracle I was even able to find a reason to add a stock on Thursday.
We got a ton of Fedspeak this week, I counted at least 13 appearances, including one from Jerome Powell on Thursday, 10 minutes before the market opens (interesting timing!). Personally, I don’t think these Fed speakers would even bother talking to us peasants if it wasn’t for their desire to manipulate and drive retailers to keep buying stocks at all time highs. These Fed Governors don’t necessarily exude much personality, and if everyone’s money wasn’t simply vacillating on every word that they made publicly, no one would care for anything that they would have to say.
So keep an eye on this market here – yeah, I get we had a monster day on Thursday, that was entirely limited to pre-market trading, but since then, the buyers and sellers are squaring off with each other, exchanging equal blows. We are getting ridiculously overbought though, and while I’m not here to say that a crash is imminent, far from it, I am not going to take this market for granted like so many others currently are.
How did I fare?
Overall, I wasn’t sure what I was about to get myself into this morning, as my positions were selling off pretty hard initially, but eventually the dip was bought, as it almost always is during the east coast lunch hour, and I was able to sell 1/3 of my position in AVGO for a +2.7% – the perfectionist in me wanted that nice round 3%, but it didn’t happen. Of course right when I sold the 1/3, it went right up to my desired target of $173.01. So don’t think that those things only happen to you, it happens to all of us. Still though, thrilled about the start to that trade.
I also wanted to get long more positions today, but the market never game me enough to work with. Every stock that I considered was struggling to hold any of its gains on the day, and most of them just pulled back instead.
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Hope to see you in there!
