Clive M. Corcoran is based in London and has been an active trader for many years on both sides of the Atlantic. He is a trading software developer and consultant, and focuses on risk reduction and market neutral strategies for portfolio managers. His book Long/Short Market Dynamics: Trading Strategies for Today’s Markets was published by Wiley in early 2007 and his articles have appeared in Traders Magazine and Active Trader. He is an acknowledged communicator on the capital markets and has been a featured speaker at trading expos and workshops. He is the publisher and editor of a daily market analysis which is published at www.tradewithform.com. He can be reached at clive.corcoran@tradewithform.com.
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Market volume continues to be relatively weak, but the absence of institutional selling and the timidity of short sellers provides a sufficiently supportive environment for equities.
The price action and the Ichimoku cloud formations are all suggesting further upward progress for US equities, but the volume leaves a large question mark over the conviction behind the recent rally.
The Russell 2000 (RUT) reached back exactly to the previous 2010 high, but its chart leaves little more to go on than the fact that the path of least resistance would be a digestion of recent gains.
The strong performance of the high-beta stocks reveals how quickly traders can overcome concerns about Greek government bonds and reining back risk and leap back into the micro-cap universe of equities where the bounce potential is most advantageous.
There is little to be gained, for the time being, in position trading the S&P 500 index but rather going with the intraday flow and reversing when key technical levels are tagged.
The candlestick pattern on the chart for the S&P 500 index ($SPX) suggests that there is still a lot of indecision about the near-term direction, and Clive Corcoran does not have a lot of conviction in trading this index at present.
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