Market Is In “Wait and See” Mode – This Day Trading Tactic Is Working

September 28, 2016
Author: Peter Stolcers, Founder of OneOption

Posted 9:30 AM ET - The market is up one day and down the next. On a day-to-day basis the action is random. From an intraday perspective, the moves come early and stocks quickly settle in to tight trading ranges. We are in "wait and see" mode. The SPY bounced yesterday and the 100-day moving average is safe today. A week from Friday we will get the jobs report. Anything greater than 170,000 will guarantee a December rate hike. The market is addicted to easy money and this round of tightening will keep a lid on any rally. We will focus on the long side today. In my chat room we've been able to find fantastic stocks with relative strength that conform to a specific pattern we trade. Even though the market has been flat after the first hour of trading, these stocks have enough buyers to rally the entire day. We set targets and take profits and we wait for retracements for reentry. This tactic has worked well for us. The SPY is back above $215.50 and that will be a minor support level for us to lean on. Look for an early move and a tight range the rest of the day. Focus on stocks with relative strength that are breaking through horizontal resistance. . . image

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