Chop continues

The blades have to be getting dull on this chopper. All the indexes ended in the red, off anywhere from a quarter percent to one and a half percent. Volume was extremely low and Advance/decline volumes were barely down two to one.

But which way do we go now? I’m positioned on the long side, so I want the market to go long. Unfortunately, the market never does what I want it to do. So, play the charts. But I can’t tell from the charts. The only play I have is to tighten stops and maybe hedge a bit with TZA BGZ or maybe just S&P futures.

I’ll be listening in on the DRYS conference call on Thursday morning. Earnings came out after the close today and looked good. Now we need some good news…like an IPO or a sale.

Thursday brings us the largest single day of earnings reports of the season. And let’s not forget our weekly headache of Initial Unemployment Claims. Something’s got to move in a confident direction, either up or down….soon, I hope. Good luck tomorrow!