Morning folks. Futures indicating slight gap down. GLD, USO looking flat at the open. all indexes made highs yesterday. Vol was still a bit light indicating lot of people are just letting things ride out not much selling….but not a round of fresh buyers either. We did see some sector rotation. Seems people are loading into laggards. Consumer discretionary took off yesterday. Only economic report I see out today is oil inventories at 10am. I have been talking smaller positions in my swings (bigger in my daytrades) as I'm finding it a bit harder to find low risk high reward situations as many stocks continue to get stretched out. Normally a low vol melt up into highs…might offer a chance to look for shorts at some point but we haven't been seeing anything more than 1 day dips so there is really no point to look till we get some follow through on downside. 1 day wont be enough. 2 days might not be enough.
