Blog

 

Sometimes the writing is on the wall.  Make that…sometimes the writing is on the Blog.

 

For those of you who have signed on this week, I do a Weekly Wrap on Sunday nights and in the 7/19 issue, I had this to say:

 

“With the Dow at 8,734 and the S&P 500 at 940, I’d say the bulls are going to do something special or we will fall back into a trading range once again. That wouldn’t be so bad but it would set-up a bigger stage for a more explosive move either up or down. However, given the momentum, it appears the bulls are in firm control and willing to push us to new highs. Dow 9,000? S&P 1000? Nasdaq 2,000? Those are the targets on the scope and we have enough meaningful earnings this week to make a run at those levels.” (END) 

 

As we have seen all week, the bulls have held Dow 9,000 and today they are making another push back to last October’s highs.  The Dow is currently up 166 points to 9236, a 1.8% jump.  The bigger stories are the Nasdaq which is up 28 to 1996 while the S &P 500 is up 18 to 993.

 

It has been tough to continue to be a bull when we have been on the right side of the market since early March.  The point I want to make is that sometimes you have to block out what the talking heads are saying and trade what the market is giving you or what you are seeing.  Although I’m not a bull or a bear, I do go with the trend…

 

Everybody has been calling for a pullback and when that happens the market usually does the opposite.  Which is why you have to keep notes on what you are seeing and trade the trend. 

 

What we are seeing with earnings is that companies are beating expectations but missing on revenue.  That is what happened to a couple of our positions last night.  However, we picked two of the strongest stocks within in those sectors and with the market rebounding they are rocking.  We have a ton of winning trades going on right now and I just want to enjoy the moment.  I’ll have a complete wrap tonight by 11pm. 

 

Sorry about the late posts today…