Option Professor-Will Stocks Spike Up Continue? What Could Trip It Up? What’s Next? Read More
June 17 2023
Happy Father’s Day Everybody!
The stock market has broken thru all resistance and blown out the record short interest big time. Many traders have been fading this rally and have the wounds to show for it. Our last 2 potential resistance zones was S&P 500 4200 and the just over 4300, both went like a knife thru butter. Don’t fight the tape is a mantra but the markets may be challenging the other mantra of Don’t Fight The Fed! Powell skipped the hikes this meeting but said more to come. The markets scoffed at that and instead turned to the July 12 CPI report that has the potential of seeing an INFLATION DECLINE in the rate to UNDER 3%! How’s that? Simple, we will be removing a huge inflation number from last June so if we were to get a new reading like this month the CPI could be as low as 2.7% by some estimates! Of course, the CORE and PCE CORE are still in the 5%+ range and if gasoline prices go the other way (it’s started), all bets may be off.
RIGHT NOW we are EXTENDED basis the moving averages but the Growth OVER Value continues so far. If the market is to EXPAND the rally, we suspect a catch up trade in Utilities, Staples, Dividend payers , Small caps and Mid caps where valuations are much more attractive to new money & EmergingMarkets/Europe IMPORTANT! We suspect that when we truly hit the HIGH POINT there will be DIVERGENCES to confirm it
TIME TO CONTACT US. Go to optionprofessor.com Submit contact info. Let’s Talk. The VIX is at 13.54!!!!!
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Exciting Times Ahead!
Talk Soon/All the Best
The Option Professor
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