My Trading Journal for the Stock Market Today:

Another day, another set of new all time highs across the board for the market. It is quite impressive. You can hate this market all you want, and yes this rally is very hated, but you have to trade it for what it is. In the process though, guard yourself against what will eventually be a pullback. Markets don’t trade higher forever, and though this one feels like it, I can assure you, it isn’t eternal.  

One observation to pay attention to in the stock market today and going forward is what appears to be a number of headfakes among stoocks that are breaking out of consolidation to new all-time highs, only to quickly give those gains back. I saw it in my trade Ollie’s Bargain Outlet (OLLI) yesterday, as well as numerous other stocks I was watching too, like Caterpillar (CAT) for example. 

Another stock consolidating at its all-time highs and could be on the verge of a breakout of its own is Facebook (FB). Watch to see if similar behavior persists there as well, as it could be indicative of overall exhaustion in this current market. 

S&P 500 Chart

stock market today spx 2 22

Current Stock Trading Portfolio Balance: 

  • 5 long positions, all profitable, increasing the stop-losses in each. 

Recent Stock Trade Closeouts:

  • Ollie’s Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss. 
  • SPXU: Long at $17.58, closed at $17.24 for a 1.9% loss.
  • Gold Miners ETF (GDX): Long at $25.22, closed at $25.04 for a -0.7% loss. 
  • Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit. 
  • Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit. 
  • Marriott Int’l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit. 
  • Microsoft (MSFT): Long at $63.45, closed at $64.09 for a 1% profit.