SNOOZE FESTIVAL

Markets continue to trade lower meandering off their lows and highs, in a narrow range in anticipation of tomorrows fed decision. Some will say not to short this dull market and my reaction is not to play this market as there is very little edge.

Internals are not suggesting any great turnaround, and market leadership is not what a bull would want as metals and oils lead while biotechs, trannies and brokers are to the downside. C and GS were higher earlier and have now flipped red and that is not a bullish tell.

As for tomorrow, if I were long, my biggest fear would be a rate rise and hawkish commentary. If I were short, my worry would be a pause, but since most are expecting the pause, my guess is most have acted and those longs will be selling.