Market Report Moving higher from Support.
By
Todd Horwitz Chief Strategist BubbaTrading.com
Be Prepared not Surprised.
Watching markets, the one consistent thing is they continue to rally. Nothing matters except that prices are going up with is consistent with the dull markets. The adage, never sell a dull market continues to play.
Traders and investors continue to look for reasons to sell, this is a mistake. The tape never lies and buyers are in control. Our opinions may not agree with the rally, but we would be wrong.
The markets will rally until they don’t, there is no reason to try and outsmart the current action. If you do not want to be a buyer, do not be a seller yet. You must have confirmation that the trend has changed.
Put and Put Spread sellers led the way followed by Call Buyers. There were some put buyers and Iron Condor sellers. The overall option world is leaning bullish. The VIX continues to fall confirming complacency and greed.
The bulls were buying AMZN, NVDA, XLE, IWM, and QQQ, while the bears were selling SPY, XSP, MVIS, META, and TNA. The Nasdaq was the weakest last week but expect a rally from support.
Remember, we can’t predict what’s next, but the price action will give indications and guide us in the right direction. All signs are starting to point lower however flexibility is the key to trading successfully.
As traders and investors, we have one thing to remember, follow the trend of the market. Be patient disciplined and leave your emotions out. The most important thing to remember is money management and self-control.
Todd “Bubba” Horwitz