Today is Thursday, August 5th and the S&P was basically flat today with a .75 point loss, consolidating to better get to the short term target area of 1140 area.

This may not be the ultimate resting area for the S&P, 1140 but it is an important milestone on the way. Only time will tell, what lies in store for the S&P, but I still think there is more room for surprises here. Currently we are at 1123.75 as of today’s close and will still be looking for 1140 very soon. I would have like to have seen it today, but the market has its own timetable not mine.

I looked at directional changes late last night after driving 5 hours from the S.F. Bay Area and may have been a little premature on my target call of 1140 on the S&P sometime during today’s session. I think we have a better chance to get there for Fridays session, as we marked another day sideways, which will allow a better clearer path on up.

I can only see an upside resolve to the bearish bias of this current market. I want to be a bear, but I just can not at this time. This is the kind of flexibility one needs to ultimately be successful in the financial markets. One can not impose there overall directional bias onto the financial markets.  I am not that stubborn to admit I am wrong when it is so. Yesterday, the market was pulling back in the night trading, but still saw, the path of least of resistance as being up to the target of 1140. It did not happen in today’s market, but still hold out for the possibility of it hitting that in Fridays session. That would be about a move of 165 points on the Dow, to get to that equivalent level.

Time will tell, but if we yet still go sideways in Fridays market, it will still increase the chance for not only 1140 being hit, but higher prices yet. One thing at a time, and lets see how Fridays action panes out.

It did not matter much to me, by the early morning open, I could see that we did not get the upside break out I was looking for and managed to push higher on the open, but from lower premarket levels. The market clawed its way back up, to put in a nice daily reversal and closed in at the high of the day, a very positive sign for tomorrow market. The market had excess and I guess it had to work it off by shedding a few points, only to come back to it’s original spot of the day.

As mentioned, time will tell. In today’s trading, I did good and hit my daily goal with a solid posting of a few nice small trades. I did not trade large size, but it added up just the same. The screen shot below, will show how and where I entered this market to get my daily goal.

Very slow trading this week, as the market has surely tested the patients of many traders me included. We saw only very light volume but that which is very typical for this time of year. More and more traders are hitting the market early for a few points and getting out of Dodge for the day. I can see it clearly in the tape.

This might be a good clue for the rest of the month. It won’t be a bad strategy to make a few and leave for the remaining weeks of the month, but every traders will have to decide that for themselves.

As mentioned, my trades below. I hope everyone is enjoying there summer by getting outside and doing something fun. When summer is over, its over, so take heed of the opportunity while you have it. The market will still be here when you get back.

Good Trading to all, Vince