Last week we talked about carrying a bullish bias til we hit 1940 on the $SPX. We’re here now, but I am finding less reasons to be worried about these prices this morning.
Here’s the positives: Financials are participating, $HYG back up to $78, Carry trade positive, momentum leading, breadth extreme positive.
Negative: $NYMO +85, Russell diverging a little intraday here on this last push higher.
I am short ES here at 1940, and am close to hitting my stop. There’s not much out there yet to support this bias other than what’s been pointed out. That October analogue, if it continues to work could perhaps push us closer to 1960 before stalling out and trading back down to 1940.
What’s incredibly tough here is that all the stocks the market wanted have not slowed down to let anyone on. Finding good bullish set-ups has never been this tough. Don’t waste to much time on laggards. The action in some stocks reminds me of late 2014.
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Seems to be a little room to run in the application software stocks. I bought some MANH on Friday. Still think momentum stocks are day trades only.
They seem to have proven otherwise.
I prefer to double here and maybe steal third then swing and miss. Still think momos are hand grenades and don’t want to be left holding one.
Most have been up for three straight weeks…just don’t understand how that action suggests “day trade only.”
Maybe a week or so but some like TSLA with candles that would trigger stops for many. I’m looking at it from stock vs option purchase.
Sold my $SSO at the first try above 1940 as that was the initial target, and there have been plenty of very painful moves ignoring those initial targets these days. Happy to book a gain. Holding off putting on shorts at this point until I see a bit more. It seems like we could creep higher.
Just sold my SPY longs from Thurs close but looking to get back in if today w smaller position if we trade in a tight range to set up another move up. What I don’t want to see is price flop around a lot. I am holding off on shorts too…seem like too many bears willing to short this tape.
Bot small SCO – 162.50, DGAZ – 22.25
Both are short term possible one overnight only.
I know this is reaching for something, but has anyone else noticed since November the market has bottomed around the end of the second week (roughly the 13th each month) and hits its next short term highs around the end of the month (roughly the 30th)?
I can’t shake the feeling that something smells fishy out there this morning.
Oh for the days when you could find set ups that moved independently of the market.
VRX — sure feels washed out. Took out a bunch of stops below last week’s lows. Let’s see if the bulls can take back control down here.
Remind me why I got out of QCOM on the first day of its ascent.
how high do we go in crude this week? I want to add to my long but that would be greedy
$36
I likey. thanks, OA
Carrying my oil and Natgas short overnight. Both closed above my entries in SCO & DGAZ.