The market is still moribund, but take heart in that at least you know how to recognise it.
With our unique take on the OVI and price setups we’ve been saying since April that these markets aren’t very helpful, and in turn that helps to protect our accounts. When the markets are like this you reduce the number of chips you play with. When they come back then you increase the number of chips.
In the meantime you have to be aware because the markets can flip at any time and having waited for months you don’t want to miss the move when it happens. I’d say we’ll have at least a couple more weeks of this, and then we can re-assess when everyone is back from the summer holidays.
Today’s review includes solid stocks such as HD (earnings on Tuesday), CMG, UA. Also being reviewed are three airline stocks – AAL, UAL and VA. TPX continues to look encouraging, while CHK and CVX continue to struggle.