I have to level with you all…I find this market rally extremely skeptical. It is another one of those market-hijacked rallies based off of a headline from left-field.
Two weeks ago, oil jump started its rally when an oil community in Canada was set ablaze. Today it is the market rallying off news Warren Buffett (my biggest problem with him though is whether its 1 “t” or 2 “t’s” – I have to google it every time) staked out a position in Apple back in Q1. So while his own purchasing couldn’t do anything to stop the stock dropping over 20%, realization after the fact is supposed to inspire longs to suddenly start buying? C’MON Man!
Nonetheless, my job is to not make the market what I want it to be but respond accordingly to what it is showing me. While I am still skeptical of this market, that could still change before the close today depending how we are shaping up in the final hour of trading.
With that said, below I have put together almost 50 trade setups to watch this week and which ones you should consider trading.
As always, with the market range we are currently in, keep two hands on the wheel and take profits aggressively.
