I mentioned last week I expected some sideways chop, and we're getting just that. Surprisingly, futures are up already tonight (budget deal, my ass...), and Japan is up 2% for some reason. (I thought the market looked weak today, but if you look at futures chart, it looks like a bull flag I guess).
Of course, the Euro market could drop futures tonight, but I doubt enough to tank the market.
Despite all the bad news, we're still in a bull market, trade accordingly.
Of course, the Euro market could drop futures tonight, but I doubt enough to tank the market.
Despite all the bad news, we're still in a bull market, trade accordingly.
Market is surprisingly strong today, retail (XRT) rallying on UAA earnings (look at LULU lol), transport (IYT) continuing yesterday's rally as well. SPY is above previous high.
Hard for me to be bullish, but it's still easier to buy calls on the dips than trying to short a bubble market. Chart pattern is beginning to more like last August than last May. (Keep in mind that the same companies report earnings in Feb, May, Aug, and Nov every year. I put some LULU in my 401k last Friday because it always goes up before earnings.) Remember the market rallied in the second half of last Feb as well.
CSCO, AMAT, NVDA earnings later this week. We'll see what happens. I'm not chasing today's rally, deciding if I want to dump LULU though.