by Greg Guenthner
Daily Reckoning
Trading’s not supposed to be easy. But this is getting ridiculous…
The major averages were sprinting to their fourth whipsaw day in row Wednesday. As if this choppy action didn’t create enough confusion, the Fed’s now whispering that it might raise rates next month. By the end of the trading day, the major averages were mostly breakeven as traders dumped utilities and jumped into bank stocks…
The market’s a hot mess once again. After a brutal start to the year and an improbable run off its lows, the S&P 500 has sagged back to breakeven on the year. It doesn’t matter if you’ve bet big on breakouts or breakdowns this year. If you didn’t take the money and run, you’re right back where you started—or worse.