We completed the last full trading week of the year, and while we didn't get any upside traction, we didn't fall apart either. The action was directionless today with a few spikes that failed and a few dips that were bought. It was random and very hard to trade.
I'm still somewhat optimistic about the way the market is setting up. We have a good base and continue to hold up, but we need a spark to light a little fire. I'm seeing some better charts, particularly in health care and even a few small-caps, but it has been treacherous to hold any sort of size because of the whippiness of the trading. While the overall volatility has slowed and we are in a trading range for the week, the intraday movement is still very hard to navigate.
Next week volume is going to slow quite a bit, and the random movements will likely be even greater. However, the good news is that trading around holidays often has a bullish bias. So even if we are choppy, there may be some upside potential for the quick and nimble.
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