Technical Picture - Jamie Due Back!

For the most part, the market exhibited range bound trading for the last couple of days as expected with options expiration. There is a nice 2-3 day consolidation pattern, especially in the NASDAQ. The McClellan summations are sloping downward in both the NASDAQ and S&P, and the McClellan oscillators are below zero after breaking down from consolidation patterns. Next week should offer a range expansion opportunity.

The volatility index (VIX) showed some life with today's selling (more selling in S&P than NASDAQ). There has been a role reversal during the last couple of days with the S&P now appearing weaker relative to the NASDAQ. The US dollar is testing daily support and gold is testing daily resistance.

The best news is that Jamie (Wall Street Warrior) is due back this weekend from his extended vacation. Hopefully he will be back to trading and posting next week. For new readers (6 weeks or less), I am just a part-timer trying to fill the void. You are in for a real treat when Jamie starts posting trades and analysis again.