Pre-Market Update: The market soared to fresh all-time highs on Tuesday as tensions eased between Russia and Ukraine for now. The gains were strong across the board as the bulls regained all of Monday’s losses and then some.
Small-Caps Clear 1,200
Relief Rally as Russia Softens Stance/ New Trade (OPK)
Mid-Market Update: The market was on pins and needles early on rumors of Russia demanding Ukrainian forces in Crimea to surrender by 5:00 AM (EST) this morning or face an attack. Those rumors proved false after Russian President Vladimir Putin spoke for over an hour and said the Ukraine crisis won’t immediately escalate and that war was the last resort.
Bulls Recover Some Losses
Pre-Market Update: The indexes have dropped on the first trading day of the month in all three to start 2014 and yesterday’s pullback was the first 2-session skid in a month for the Nasdaq and S&P 500.
Bears Push Prior Support Levels
Mid-Market Update: We were prepared for the pullback as we have been locking-in profits on our call option trades while trying to keep our portfolio light. While it may be too early to enter the shark tank today, there will be plenty of opportunities for new trades this week.
Bulls Brace for Lower Open
Pre-Market Update: The market broke out to new highs to start the week but had trouble holding resistance ahead of the Head Fed’s update on Thursday. Early morning surges past resistance failed until Janet Yellen gave the all clear signal that enabled the bulls to HOLD resistance once she spoke.
Bulls Putting Finishing Touch on Fantastic February/ Profit Alert (SPY)
Mid-Market Update: We have talked about a continued run higher into March but we warned yesterday the month has been very volatile in recent years. We can’t wait as we are looking forward to a continued breakout or a back test that could get serious if support levels fail to hold.
Bulls Clear and Hold Resistance
Pre-Market Update: The market opened mixed on Thursday as Wall Street awaited Fed Head Janet Yellen’s testimony on Capitol Hill and once she finished, the bulls had the feeling she has their backs.
So Far, So Good/ New Trades/ Profit Alert (HRB)
Mid-Market Update/b>: The Fed Head’s Q&A session today on Capital Hill went rather smoothly as Janet Yellen briefed the zombies on the Fed’s plans moving forward. She seemed rather calm and well prepared for the grilling session and the market is responding with another trip past resistance.
Bulls Waiting on Yellen
Pre-Market Update: The trading pattern inside the current trading range continued on Wednesday as the bulls made an opening run at the start of trading with the bears grabbing the horns by the close.