More Tight Range Trading
Stocks continued their directionless ways Tuesday, with indexes wiggling around the unchanged mark for the day. Biotechs showed some weakness, but not much else could be gleaned from the day. My leaders list hasn’t found any new names, but also hasn’t been forced out of any. It hasn’t moved more than 1% up or down for weeks. GWPH was the chart to buy today (a no earnings biotech spec stock) – yet it struggled to hold it’s early gains. Hopefully things will shake loose – up or down – in the weeks to come. I don’t remember many (if any) prolonged periods of sideways action in my 25 years of trading.
My allocation accounts remain in SPY, which is drifting down in this range.
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