Today’s action in the S&P 500 argues that we are still in the middle of the advance from last December and not near the end. I’m not in it, so I will look for pullbacks to buy. Meanwhile, today gave us some of the early signals we’ve been looking for to signal a possible turn down in Crude.
Some of my favorite trades lately have been short squeezes, because those are setups that appear the most at new all-time highs. Let’s look at TSLA and KMX, along with earnings trades in NKE, and some swing trades in MSFT, AAPL, LMT, FB and more.
KMX reports before the open, but after hours I’m already seeing a breach of the previous high — which could equal a great day trade setup tomorrow, or a swing trade for next week. Here’s the setup and how I’m playing it.
Last night we looked at the longer-term picture in the S&P 500 and why we wanted to wait for pullbacks. We can’t know when those pullbacks will come but tonight’s look at the short-term picture warns that it could be soon.
It can be useful to develop your intuition for when something feels right and when it feels wrong. Elliott wave can be a useful tool for this, and tonight we’ll look at why I want to lower stops to protect more in my Euro Short, which is feeling wrong. In the S&P we’ll look at warnings even when something looks right.
In this video, we discuss my SPX 3200 price target as well as the price action of the market. We also look at what to expect as we go into the end of the year.
The S&P 500 hit new all-time highs again today, and while Elliott wave patterns suggest that there is even more upside, my focus remains on waiting for pullbacks to buy.
