The Herd's Mood

The sellers are in control and they're not taking many prisoners. My screens are baked in red and I'm not seeing very much strength.

The mood of the moment was that last week only generated an oversold bounce before moving lower. However, I personally think the combination of uncertainty about this week's data and uninspiring headlines overall are working to drive us lower as the sell in May and go away folks are growing in numbers.

I'm doing my best to stay out of the fire fight by using the time to run stock screens, looking over my watchlists, get caught up on my weekend reading and research, answer some of my emails, etc. This is going to be a short week for me anyway since I'm going to be away from the trading desk between Thursday June 1st through the Monday June 5th.

I'd like to make some profitable trades over the course of the next few days and I'm staying alert and focused, but for now I'm sitting on my hands. A rally this afternoon would certainly help improve the herd's mood though I wouldn't bet the farm.