bulls need to be more convincing if they want this

Today’s price action left a foul taste in my mouth.  We opened with a large gap up (roughly 1% up), and spent most of the day falling to close flat (Nasdaq was down 0.50%).  Volume was restrained, so it was nice to see there wasnt a mad rush for the exits as prices fell.

Today could just be a resting day where the market needs to consolidate yesterday’s gains, but it pushed me closer to the bearish side and in fact, I started looking for short setups although I am not going live with any trades yet. 

The bulls need to send a very convincing signal to the market that they are in charge if they want this market to go up and they need to do it quickly.  Until that occurs, I choose not to partake as it is a sucker’s bet.

For now I sit on the sidelines and wait for direction one way or the other.  My guess is that I will be in the market one side or the other tomorrow (or Monday) as I assume one side will take control very quickly.