The markets have been range bound since the start of June and many traders have been looking to buy breakouts with limited or no success. In this type of tape, it is important to take quick profits as the extension or follow through moves traders look for are not occurring. The banks showed some weakness yesterday for the first time. Although they have been tough to trade, there may be potential trades there when the market decides to resolve this range. Big cap tech leaders such as GOOG and AAPL have showed signs of weakness as well. When the momentum in the leaders begins to slow, be wary of buying breakouts in other stocks. It is important to be patient until the market resolves this range.
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