Toppy Tuesday – S&P 2,400 – Again
Here we are again:
- May 9th: Toppy Tuesday – Yet Again
- May 2nd: Toppy Tuesday – Can Earnings Sustain S&P 2,400?
- April 25th: Terrific Tuesday – Markets go Through the Roof
It seems like every Tuesday I have to point out that Mondays are meaningless and, so far, we’ve made good money shorting the S&P Futures (/ES) at 2,400 as well as Dow (/YM) 21,000 and Russell (/TF) 1,400 but the Nasdaq (/NQ), now 5,708 keeps going up and up, which is no surprise with Apple (AAPL) at $156 – up 10% since April 25th and AAPL is 15% of the Nasdaq by itself.
That adds 1.5% to the Nasdaq and the rest of the Nasdaq’s 3% move came from the Dollar falling from 100 on the 25th to 98.35 this morning (-1.65%) and that’s the story of how we got here. The fact that the S&P STILL can’t get over 2,400 DESPITE the weaker Dollar and the stronger Apple does not give me the warm fuzzies about the strength of this weekly rally so, once again – we are going to be shorting the indexes at the levels we keep shorting them at and once again, later in the week, I will tell you how much money we made and you will say: “why can’t I ever catch trades like that.” It’s a vicious cycle…
Remember, I can only tell you what the market is going to do and how to make money trading it – that is the extent of my powers.
Yesterday morning, for example, in our PSW Report, we picked FEYE as a nice play since the news was all about cyber security and FEYE is a company we’ve had our eye on. Despite the strong open (our Members get the report long before the market opens) on the stock, the 2019 $12 puts were barely affected and, as late as 2:10 pm, people were still filling the short puts at our $2 target price and they finished the day at $1.84, up 8% for a nice start (see yesterday’s post for details on the trade idea).
On Friday it was Cheniere Energy (LNG), based…
Provided courtesy of Phil’s Stock World.
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Source: http://www.philstockworld.com/2017/05/16/toppy-tuesday-sp-2400-again/?utm_source=beforeitsnews&utm_medium=feed&utm_campaign=psw-feeds&utm_content=article-link
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