Market Report will support hold?

Market Report will support hold?

By

Todd Horwitz Chief Strategist BubbaTrading.com

Be Prepared not Surprised.

What a crazy week for markets. They were up, down and finished the week sideways. There was big news on CPI showing inflation is still rising, even with their new formula. PPI showing the cost of goods rising.

The news wasn’t bullish, but we don’t trade the news we trade the charts. Unfortunately, markets remain in wide sweeping congestion which makes trading challenging.

The week ended with the markets on support which should indicate a bounce even if they are going lower. The key level to watch is 4050 in the S+P. It appears the markets are ready to get hammered.

Confusion continues to be the direction, the VIX has been sideways along with the rest of markets. Volumes have been low, and markets have lost some liquidity.

Option traders continue to buy calls which is neither bullish nor bearish because we don’t know the other side of the trade. We have seen Put Buyers, Iron Condor sellers, along with Bull and Bear spread sellers.

The bulls were buying, GOOGL, NVDA, BBBY, AAPL, and BA. The bears were selling TSLA, SI, BYND, GLD, and META. A mixed bag of stock pickers, same confusion of the general markets.

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

BubbaTrading.com