Well, I lost count how many consecutive gap ups we have had now in the stock market. You can be as skeptical as you want but price is king. Take those overbought indicators like RSI2 and you have to respect price above them all.
Now that is not to say the odds are getting pretty good for a pullback. However, I would not be very quick to wager a lot of money on a pullback now. Money is being injected into the world’s markets we wild abandon. Helicopter Ben really got something started. He is going to go down in history.
So what to do? I have a few positions. My shorts have methodically gone away by getting stopped out and I am left with only a few positions. So I really do not have a large stake now either way in the markets.
My short TLT trade was stopped out for a small gain, however, there will be more opportunities coming up. This is one trade I am not going to move from my radar. I might miss it but it will not be because I was looking the other way!
Another late rise for me this morning so I have to cut it short to get ready for the open.
And importantly the 2nd half of MLB starts today. Might be a good time to come on board and join our group. Get warmed up for the NFL!!! All subscriptions have a 3-day free trial. Just go to the PayPal button and pick the subscription your interested in.
Good Luck Today
RickJ’s Handicapping Picks