Bell sounds and we’re off to the races here. Moving steadily at the speed of suck.
Overall the technical set-ups still look compelling here, however we’ve got a long holiday weekend up ahead, which may play into how quickly things move over the next few days. We’re moving into summer anyway, so one should not set the bar too high in terms of speed.
On the day, I like $CYBR, $IL, and $AMZN.
More later,
OA
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There are a staggering amount of set-ups here. I am blown away.
Remember around this time last year? Mid-May. I recall telling you guys to take a leave of absence at work, and get prepared to focus all your time and effort on the stock market. I referred to what was setting up as a “fat-pitch.” I define that as a market set-up where a pocket of strength is coming. However, it is also a period where stock to index correlation is at a very low level, and the number of stocks producing the same technical set-ups is at a very high level. That stretch from May to June was by far the brightest mark on the year last year.
By next week I will have wiped my 2014 slate clean and will be completely back from a difficult year of trading. All my market measures are in order, and I am going to wipe my ass with the market this year.
If you have some time, stop by After Hours with Option Addict. We’re going to clean up this month.
OA
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It’s halftime for the last week of life in your May paper. Chances are you might be pacing around your office wondering what to do with a couple positions that are on the brink of expiry, knowing full well that holding on too long might obliterate any remaining premium left in these positions.
I am sweating over a few myself here. I rolled a $C position earlier for nearly breakeven, trying to time this same move in $SPLK, $CMG and $WDAY….while praying for miracles in $GOOGL and $N.
Wednesday is usually a good time stop to recoup or roll positions. Letting them ride past this point is usually a gamble, and one should expect to be disappointed in the outcome.
This particular week of the month has been notoriously shitty for at least the last 10 months. One would think this would go noticed and one might avoid holding several positions into expiration week. Old habits die hard.
OA
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I’m finding it difficult to get a rise out of this week thus far.
The chart of the week here, which is the Dollar/Yen, had traced its way to the lower end of its trading range, making it actionable here in the near term. If we see strength off this for the remainder of the week, Stocks are a buy.
It’s expiration week, which is where dreams go unfulfilled. Market is slow, and the dispersion from stock to index is still amazing here.
I am very long here and comfortable.
Have faith.
OA
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I warned you of this move last night and to buy a print down to 1220 in the $RUT. I hope you didn’t do what I think you might have done here and short into that hole.
Now everything has reversed their early morning losses, and that quick price advantage is gone now.
The best trades are the ones that usually feel the most uncomfortable.
What do you like here, if you like anything at all? I like the CUDA, CMG and GOOGL.
OA
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