Markets remained subdued to begin the week Monday and this tight trading range has to be respected in my opinion. The old adage never short a dull market applies here, or could this be the calm before the storm. Only the tape knows, so pay no attention to assumptions. The S&P 500 fell just short of a 7 day winning streak, but you get the feeling there is a magnetic pull toward to big round 2000 handle. It is making its way gradually, just what bulls want to see. Frenzied, wide and loose trade are negative characteristics. Remember the action as the S&P 500 pulled its way toward the round 1900 number. It first approached that number on 4/4 and was swiftly set back dropping more than 80 handles in a weeks time. Intraday it traded above it on 5/13 but closed beneath the 1900 figure, and did not CLOSE above again until 5/23 and the benchmark has not looked back since. They way the Nasdaq chart looks you would have thought the whole darn index was taken over trade has been so taut the last 4 sessions. Material and energy plays were the winners Monday, as few groups did any heavy lifting. FCX was a bright spot among the group today as it moved higher by more than 3% today taking out a double bottom with handle trigger of 35.98. More importantly volume was vigorous. SCCO recorded its own nice move of almost 3% Monday taking out the round 30 handle. Look for that name to take out a short consolidation period above the 31 handle.
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