Market ‘Games’ Stopped, Bulls Rally
“It’s 5 o’clock somewhere” is a popular song’s lyric that promises a good time to let loose and live free.
In today’s trading environment, that can be translated into “there’s a bull market somewhere.”
And bulls are barreling forward despite any glitches or attempts to stop the charge.
Remember that whole GameStop stock short-interest move from retailers against hedge fund shorts? Yeah… so last week.
The stock market ripped higher during Tuesday’s session with the Dow pushing toward a 600-point gain while GameStop (and similar tickers) dropped sharply. GME closed at $90.21, down 59.91% (compared to a January high of $347) .
“Last week’s news” didn’t phase the overall market as the Dow spiked to 30,687.48 points for a 1.57% boost (adding 475.57points on the day). The Nasdaq shot up again to 13,638.97 points for a 1.76% gain while the S&P 500 jumped 1.61% to 3,834.58 points.
This market can change direction as if controlled by a video game reset button which has Simpler’s traders keeping risk and margins in check. The plan is watching technical signals while maintaining account positions that allow for quick execution upon market and key ticker moves.
The market is showing how certain bullish sectors can exhibit strength and cause a ripple effect in the broader trading arena. The “bull market somewhere” snapped alive Monday to recover some of last week’s losses and the rally continued Tuesday. Is it any wonder “newsworthy” tickers can quickly become old news?
While “gaming” shook the market last week, the trends are intact and continuing higher. Key market elements being watched – indexes, crude oil, silver, and the U.S. dollar – aren’t showing ill effects of any newsy gyrations.
If market conditions seem a little too charged up, Simpler’s traders aren’t shy about settling back to comfortable setups (even cash). Our traders are no strangers to conservative positions that focus on strong signals and plays to balance against volatility.
We Saw: News and “games” not bringing down market –
- Major indexes surge to continue February rally
- Fed keeps hand on throttle
- Solid moves in a solidified market
We’re Watching: Strength of rally through the week –
- Taking profits quicker in small accounts
- How high and far this bull market will run
- Setups in: DIS, BABA, UPS, SPX, NVDA