Off the Charts

The market gapped up this morning despite yesterday's weak close and remained choppy for most of the day. Short-term traders were a little bit frustrated that the bulk of today's trade was taken away by the gap up, and it still feels difficult to trust this market right now. Today's lazy drift epitomized summer trading, which was fitting on one of the hottest days of the season so far in New York City. The S&P finished the day up 0.95%, the Nasdaq up 0.82% and the Dow tacked on gains of 0.69%.

The market is currently trying to claw its way back from oversold levels, and could potentially be helped by end of quarter window dressing as this is the last trading week of June. Right now there is not much edge to trading this tape. At this stage it would be best to let this market to settle out a bit and raise cash for what could be more clear-cut opportunities. "Less is more" while the market is in corrective mode. The action could pick up once earnings season gets underway. The kick-off to earnings season is generally considered Alcoa (AA), which reports on July 8.  ...560 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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