No trades last week...I had 4 all day meetings and basically had no market access. Looking back I think it was a good week to be away, no worse for the wear.
The market exhibited range bound behavior once again, reversing at resistance levels. The problem is that it went a good ways after turning. Volume all week was nothing to note, typical of summertime. Earnings season is pushing some stocks up while others get hammered. The market looks like it isn't quite ready for prime time with Europe continuing to pop up in the news. Oh and there is some kind of election coming up in a few months.
Market breadth was light on both sides but was mostly down. It reflected the lack of movement in the market and gave really no clear signals as to the next direction. The market looks to be rangebound until further notice.
This week I'll be keeping my eye on things intraday and looking for some TNA trades on the intraday charts. I would like to see the VIX pick up a little, this past week it dropped so low that TNA just wasn't moving that much intraday. I need movement to trade it, just trying to make a buck or two per share.
Looking through a couple of the Bluefin watch lists (Post Earnings and IPO), I have my watchlist ready for action if we get any. Looks a little less likely after Friday but we'll see what develops. If we bounce I will be putting together a short list as well. Good luck this week.
RYL
HNR
NSM
LL
WG
TXI
BWS
PCRX
WOR
SWHC
ALEX
LII
LF
NUVA
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