Thursday ended with mixed internals. What can we expect for Friday?

The market put in another accumulation day, but Deron Wagner is still waiting for a confirmation day to provide the first sign that the current move higher is sustainable.

The type of intraday volatility that we are seeing does not bode well for swing trading.

The market continues to struggle to find an identity. Yesterday's price action was predictable given the sizeable run-up that started with last Thursday's reversal.

It is important to remember that every trade stands of its own merits. There is nothing wrong with re-entering a trade if it meets the appropriate criteria.

Since the market began selling off over a week ago, the iShares Nasdaq Biotechnology ETF (IBB) has show considerable realative strength to the broad market.

The intensity of the late session move suggests that institutions were in buy mode into the close. However, due of the lack of conviction in the market, Deron Wagner is inclined to remain cautious with respect to entering new positions.

In a sharp reversal from early morning strength, stocks got smacked on brisk trade yesterday. All of the major indices closed down on the session.

In the absence of big volume, it is generally difficult for the market to make a significant move out of a range.

It's always difficult to gauge market action when volume is light. Last week's market action was further complicated by the holliday-shortened trading week.