A rather nasty sell off in the blue chips. Good earnings from DIS Disney and CSCO Cisco Systems give the market a morning lift, but sellers move in and send the DJIA to a triple digit closing loss. The market has to be frustrating for many, as some bears probably covered into the morning strength, and some bulls bought, then they got whipsawed.
There is an old cliche: "Don't argue with the market." No one person or firm is bigger than the market. The corollary might be "The market is always right." Traders try to add liquidity to profit off short term fluctuations or imbalances, but overall these are sound words to live by. The market continues in an overall sideways pattern.
I'm keeping my powder dry for now, but that can change in a moment, if I see a low risk entry point (long or short).
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