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Toppy Tuesday – S&P 2,400 – Again

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Here we are again:

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.

To read the rest of this article now, along with Phil’s live intra-day comments, live trading ideas, Phil’s market calls, additional member comments, and other members-only features – Come to the winning side at Phil’s Stock World by clicking here.

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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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