Fellow traders we better get use to this. The month of April was sideways. Earnings season is winding down. It may get real quite. We may have hopped up to a new range in the Dow 8100-8400.
I watched things go sideways for an eternity recently. I forgot my name it was so boring... by the time I needed to act I couldn't count my arms let alone put an order in... the only money I made was when I got the orders wrong.. Seriously, these narrow range days are tradeable still..... I can't do it yet but I can see that it's entirely doable..
I need to work 24 hours a day to catch the good moves. By the time the cash markets open we will just flop around in a 50 point dow range.
You can't be serious. The SPX has rallied from 781 intra-day on April 1st to as high as 888.70 on april 30th. That's over 100 HANDLES in one month!!! Meanwhile, sectors such as the OIH have rallied from 71 to 102 over the past 5 weeks, since Apri 1st. That's nearly 45%. Don't even get me started on the Banks or the natural resource and basic material names. If you think that April was "sideways" I would suggest that you need to look for another profession.
I still stand by my claim. There have been 30-40 handle moves each week since April 1st. If you can't make any money trading the ES in that kind of an environment, then no one can help you.