Trading Notes: Futs are flat to start off a new month of trading. The one theme continuing to trend higher is semiconductors. AAPL is falling out of favor with the market diverging lower, as Goldman Sachs takes it off its conviction list. I'm hoping for a more active month of [...]
Today's Reading for 2/29/24: 63.49 Current Reading: Tilting Bullish Additional Notes: Oscillator is starting to play catch up with the rest of the market, but under the surface, stocks still indicating overall that conditions remain unhealthy despite all-time closing highs for the bulls today. Interpreting the Chart: 0-10 is "Extreme [...]
Trading Notes: PCE came in line with expectations and the market has been ripping higher ever since. Small caps looking to lead the way. Bull flag highlighted in yesterday's stock market update, looks to be validated today, assuming it can hold it into the close. The biggest obstacle for the [...]
Today's Reading for 2/28/24: 61.74 Current Reading: Tilting Bullish Additional Notes: Over the last three days the range has been within a 1/2 point on this oscillator. That indicates little to nothing is happening in this market worth acting on. Still barely tilting bullish here. Interpreting the Chart: 0-10 is [...]
Trading Notes: It is getting difficult to trust the price action when volume has gotten this weak in the last three trading sessions. Outside of last week's NVDA earnings reaction, the market hasn't been able to do much of anything over the past two weeks. Heading into the open, futures [...]
Today's Reading for 2/27/24: 61.67 Current Reading: Tilting Bullish Additional Notes: Some catching up going on with the 4-day rotation into small caps and that's propelling all of the non-megacap-related sectors to push higher, and thereby improve the chart on the Stock Market Oscillator. Interpreting the Chart: 0-10 is "Extreme [...]
Closed the rest of ADBE at 552.50. To much resistance kicking in at the $562-5 level to keep holding.
I closed the rest of CVX at 151.38
I closed 1/2 of ADBE (1/3 of original) at 554.78 for a 0.5% profit.
Trading Notes: For a second straight day, you're seeing a rotation from the mega cap plays to small caps and the run in the latter looks set for a strong open once again today. GOOGL selling off over 4% on Monday is also adding additional selling pressures to the tech [...]
Today's Reading for 2/26/24: 62.23 Current Reading: Tilting Bullish Additional Notes: Signs last week that the oscillator wanted to break out of its range, finally materialized today. With the extent of the move in large caps, I still view this indicator as a significant divergence. Interpreting the Chart: 0-10 is [...]
I closed 1/3 of ADBE at 567.75 for a 2.9% profit.
