by Ryan Mallory

I consider today's action and that of yesterday more along the lines of consolidation as the market is still below yesterday's highs.

We could break that level before the end of the day, but time is limited as we are now in the final hour of trading. 

With every trade I make, I constantly feel incredibly uncomfortable, not because I don't think I should be trading to the long side, but because when this market finally comes to grips with reality, it won't be a pretty site. I am using tighter stops than ever before with this market, mainly because of my huge distrust for this market and what is keeping it afloat. 

With that said, there is no way in the world that you will could get me to pull the trigger on a swing-trade to the short side because there is absolutely zero, zilch, nada in terms of catalysts that the bears can sink their claws into. 

by Ryan Mallory

Chart of the day...

Quick Glance at the Market Heat Map and Industries

Notables:

• Financials held in there. 
• Materials were strong... very strong. 
• Consumer Goods were horrific.   

Be sure to check out my latest swing trades and overall past performance Read more...

by Ryan Mallory

T2108 and Market Thoughts

While the market is pulling back today, I'm actually hoping it can finish lower, because God knows we need this market to take a breather here. While I continue to be bullish on this market, I also know that it can't go straight up forever, and when we got the 0.5% rally yesterday with the bare minimum of stocks participating in the rally itself, I knew then and there, we needed to see stocks have at least a day or two to regain its composure and make a renewed push higher - perhaps even for 1700. 

Check out the T2108 below where it measures the % of stocks trading above their 40 day moving average. Less and less stocks are doing so, despite the market trading at new highs. The effects of this phenomenon might not play itself out in the short-term but in the long-term, I don't think this is a good thing to say the least. 

Here's the T2108 chart.