Excuse my hiatus first of all, I was away from the market the last week dealing with a personal family matter. I come back now though to see a market at new all time highs, after leaving a market that seemed to be dealing with some indecision. From what I can see though as I purvey the current market landscape is that there is only 1 trade that has been working. It starts with a L and ends with a G:
That’s right. There’s literally been only 1 way to have lost money in this market, and that is by not being long this market one way or the other. As much as I hate “crowded” trades, there’s no other logical choice given a market that has a bevy of support beneath it, and is still trading quite healthily. Like a movie that remains in the box office for weeks longer than it is supposed to, it does so because it is a damn good movie. Well put this market rally up for best picture of the year.
Looking for best actor nominees? GOOG, PCLN, AMZN, CMG, CRM, FB, MS, FDX, NKE (I could keep going), have been great ways to play the momentum in this market. I expect this momentous market to retain its footing in the immediate term as long as Friday’s gaps higher hold. That makes 1735 key momentum support on SPX. Do note however, that even if 1735 breaks that doesn’t at all break the market, it would just mean the immediate term momentum trade that has been evident in names above would likely be on hold and we’d some consolidation materialize. I’m bullish through year end now as long as the market remains above 1700.
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