“Control your own destiny or someone else will.” Jack Welch
Another wild day as we saw a hug range for the SPDR S&P 500 (ARCA:SPY) once again.
We don’t often see the S&P 500 move over 40 handles in a day but we did for a time on Thursday.
Not A Good Thing
As I said Wednesday night, this wide and loose action is not at all a good thing most times but that said, we are still in a wide range so until we move one way or the other out of it I can’t say which way we will go although I am bias to the downside for now.
I did lock in some large and fast gains in Lakeland Industries (NASDAQ:LAKE) Thursday from our 10.40 entry a couple days ago and I’m even short it now along with one other name that is fast moving and just starting to break.
Ugly to say the least and on very high volume.
Lower looks to be next but until we break out of this channel we won’t know for sure.
Careful, here, and keep a high cash position or have some shorts ready to go.