Stepping Aside

You'd have to go back awhile to see that kind of beat-down and hold pattern we saw in today's tape. The only thing good about it is at least the market didn't close the day on its lows.

Given all of the bottom-calling in oil prices, today's failed reversal certainly didn't please many folks. In addition, there's a general feeling out there that it is best to step aside and let this market consolidate during earnings. We've seen that kind of pattern play itself out before and this doesn't feel or look much different. My biggest concern, as mentioned in my trading notes tonight, is a number of hard reversals within my watchlists. Though I'm still finding new and interesting setups, that always makes me a little more cautious and selective. I suspect more than a few are in the same camp I am currently sitting in.

Nevertheless, I hope the week is off to a fine start for you. If it isn't, don't worry, we still have four more days to make the most of it. See you tomorrow!