NEW YORK (TheStreet) -- Another boring trading day in the stock market on Thursday. The S&P 500 Trust Series ETF (SPY) volume did not even trade 60 million shares. The volume came in at 56 million shares.
After being up for most of the day, the DJIA closed lower by 2.83 points at 17083.80 and the Standard & Poor's 500 was up 0.97 at 1987.98. The Nasdaq was lower by 1.59 points at 4472.11 and the Russell 2000 was down 1.85 at 1156.26. All in all, a nothing day.
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Gold, which is up 7% for the year to date, had its fifth consecutive down day. On a down open Friday it will be in oversold territory within a "Trend Bullish" condition. So do not get to excited that Wall Street pundits are starting to become bearish on Gold. It is only a correction. Gold is within a day or two of a move higher.The Select Sector Utilities ETF (XLU) continues its bullish performance, up 12.5% YTD. Again, it continues to signal a growth slowing economy, along with the Barclays 7-10 Year Treasury Bond Fund (IEF), which is up 4.3% YTD. An interesting sector that has been bullish in 2014, the semiconductor sector, may be signaling something negative on the horizon. Broadcom (BRCM), Intel (INTC) and Maxim Integrated Products (MXIM) have not been able to hold their post earnings gains. MXIM is getting clobbered in after-hours trading Thursday. As we continue to navigate this stock market in the second half of 2014, traders must continue to be cautious. This volatile market is not for anyone who does not have a risk management process. The lack of liquidity will eventually become a major problem for the markets. At this moment in time, the hedge funds are comfortable with shorting at the lows and covering at the highs. That will change. My S&P 500 daily trading range on Thursday was Buy Trade-1962 and Sell Trade-1994. The S&P high for the day was 1991.39. So we are at the top end of the trading range. Traders should not buy up here. That's how the process works. Buy low and sell high. Read More: Pandora Will Be a Penny Stock Someday Soon as Spotify, iTunes Thrive On Thursday, we sold our long position in Arcos Dorados Holdings (ARCO) for nearly a 2% gain and covered our Microsoft (MSFT) short for a nice gain. We continue to hold Inovio Pharmaceuticals (INO) long. We started a short position in Glu Mobile (GLUU) on an inside upper channel break to the downside and started Under Armour (UA) long on an upper channel break to the upside. These positions can be found at www.strategicstocktrade.com. At the time of publication the author was long INO and UA and short GLUU. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.