The market broke out to a new all-time high on Monday when hurricane damage was less than expected. Since then the trading ranges have been extremely tight during the day. Gains will consolidate ahead of the FOMC statement next week and the breakout could be tested. The market is prepared for balance sheet reduction and a rate hike in December … Read More

The market is treading water near the all-time high and the price action is choppy. We are in a news vacuum and traders are waiting for the next catalyst. Overseas markets were a little soft and oil prices have been declining. Swing traders should be focused on selling bullish put spreads. If you don’t have all of your positions on, … Read More

Time To Sell Bullish Put Spreads – Market Ready For Rate Hike   Yesterday we saw some follow-through selling, but prices stabilized. Stocks will open higher this morning and investors will take a deep breath. Fed will hike rates tomorrow and the market is prepared. It is typical for the S&P 500 to decline ahead of an FOMC meeting. Once … Read More

Fed Will Hike In A Week – Look For Nervous Trading and Tight Ranges The news is light and so is the volume. Momentum is all traders have to lean on. The FOMC statement will be released a week from tomorrow and we can expect dull trading until then. The S&P 500 was trapped in a three-point range yesterday. Day … Read More

Market Ignores Dismal Jobs Report – Rate Hike Will Keep A Lid On the Rally Last week the market staged a nice breakout on good volume. The path of least resistance points higher, but I’m skeptical. Energy and financials have not participated in the rally. I am day trading from the long side and I’m keeping my overnights to a … Read More

Strong ADP Report Should Attract Buyers Today The market is treading water at the all-time high on light volume. It is not getting any help from financials or energy and the daily range is tight. Economic growth is moderating, but ADP came in better than expected this morning. Stocks look poised to grind higher today. The official PMI’s this week … Read More

New Market High Is Vulnerable – Expect Profit Taking Before June FOMC Yesterday the S&P 500 made a new all-time high on light volume. After the initial surge, stocks traded in a very narrow three-point range the rest of the day. The gains held despite a big drop in oil. I don’t trust this rally and I believe we will … Read More

FOMC Minutes Could Spark A Small Round Of Profit Taking Today Yesterday the market closed just below the all-time high. The losses from last Wednesday have been recovered and buyers are still engaged. Oil has stabilized and financials participated in the rally Tuesday. This is a bullish sign, but the move could have been a one-day event. The FOMC minutes … Read More

FOMC Minutes Possible Speed Bump – Market Should Find Support At SPY $238 Yesterday the market staged an early rally and it was trapped in a tight range the rest of the day. In the last week we’ve seen a 2% correction and a snapback rally. The FOMC minutes tomorrow could spark another round of profit-taking. We are currently in a news … Read More

Market Down – Trump Is Not the Reason – Profit Taking Ahead This morning the market is retreating and investors are nervous. The media is overjoyed to blame the profit-taking on problems in the White House. From my perspective this is a bunch of BS. We were already seeing signs of strain and this is a convenient excuse. As I’ve … Read More