Author name: mome2143

Pre-Market Update: The bulls had a party but Wall Street failed to show up with many traders bagging work for an early and long July 4th vacation week. The shortened session on Thursday produced fresh all-time highs following a better-than-expected jobs report. The clues were there all week the market momentum from June would continue into July and I mentioned the suit-and-ties could be scrambling to play catch-up once they got back to the office.

Pre-Market Update: The market traded sideways on Wednesday following a run at near-term resistance on the open as Wall Street awaited this morning’s Nonfarm Payrolls report. The end result was mixed heading into this morning’s event as the small-caps and Tech took slight hits.

Pre-Market Update: The bulls came within 2 points of triggering Dow 17,000 but the enthusiasm on Wall Street was a golf clap instead of a pep rally. I mentioned yesterday the suit-and-ties might have to wait for today or tomorrow to clear this hurdle but the other indexes continue to clear my December fluff targets.

Pre-Market Update: The bulls battled back ahead of Thursday’s close to nearly get the win but more importantly, held support. The bears made another strong attack at the open and triggered lower lows but their efforts were once again wasted.

Pre-Market Update: The bears made an attempt at cracking the second layers of support on Wednesday’s open but ran into a bullish brick wall. The bulls responded quickly and easily defended the weak attack as they regained half of Tuesday’s losses.

Pre-Market Update: The bulls rolled over on Tuesday as the bears showed some force and pushed fresh support that served as prior resistance. The VIX also spiked and pushed resistance as the cheerleading talking heads babbled about the “selloff”. It was hardly a selloff but it got Wall Street’s attention.

Pre-Market Update: Although, I recommended a New Trade yesterday, I still want to be careful before opening the next batch of New Trades. I mentioned a trading range could develop into early July and from there 2Q earnings take center stage.

Pre-Market Update: The bears could roll over into 2Q July earnings season as most Wall Street pros start to take early vacations (again) but geopolitical events from around the world are still in play.

Pre-Market Update: It has been one incredible June for the portfolio and I have once again raised the Stop Limits on a few trades. I mentioned yesterday there were 6 current trades up over 100% and there are a few more that are close to joining the club.

Pre-Market Update: The market broke out of a week long trading range after the Fed hinted short-term interest rates wouldn’t rise. The Fed heads announced another $10 billion cut to its monthly bond purchases citing an improving labor market and the combination of both pleased Wall Street.

Pre-Market Update: The current trades are performing super well as there are 6 trades up over 100%. I have locked-in half profits on a number of them and I mentioned there were New Trades coming.

Pre-Market Update: Monday was the first battle in what will be another war this week and the rest of the month between the bulls and bears. Both sides made strong statements as the bears tried to push the next layers of support with the bulls still gunning for higher highs.

Pre-Market Update: The market continued its winning ways to start the week as the bulls pushed towards fresh all-time highs. The Dow came within 30 points of triggering 17,000 while the S&P 500 reached an all-time intraday peak of 1,955.55.

Pre-Market Update: The bears got their 2-straight win on Thursday following continued geopolitical tensions concerning Iraq and slightly disappointing economic news. The indexes closed below near-term support that served as prior resistance and the bulls will need a good Friday to regain their momentum. Hopefully 13 is their lucky number.

Pre-Market Update: The bears made some noise for the second-straight session on Wednesday but once again, the damage was minimal. The talking heads were blaming the early morning pullback on an upset victory in DC but the smarter traders were watching the geopolitical tensions heighten overseas with Iraq back in the spotlight.

Pre-Market Update: The bears made an opening stand on Tuesday’s open and held negative territory throughout the day but the damage was minimal. The bulls easily held fresh support as the market stayed in a tight trading range into the closing bell before a final push got them a split.

Pre-Market Update: The blue-chips traded higher for the fourth straight session and 7 of the past 8 while the S&P 500 has moved higher 11-out-of-13. I mentioned the fund-managers would be chasing the gains on a breakout after the Memorial Day holiday. This week could see a continued push higher as round number resistance is tested but too many cheerleaders may ruin a good thing.

Pre-Market Update: The current trades got some nice pops last week but naturally some of the put trades did not. A rising tide lifts all boats but they can serve as protection in case the waters get choppy later in the month.

Pre-Market Update: The bulls cleared one major hurdle on Thursday and were facing a huge test ahead of this morning’s open.

Pre-Market Update: The bulls clear another layer of resistance as the market pushed fresh highs with the small-caps and Tech also recovering.

Pre-Market Update: Tuesday’s action is suggesting a lower to flat June but things could change depending on what comes out of Europe. Perhaps Wall Street is waiting to see if they “do whatever it takes” to get their economy into second gear.

Pre-Market Update: The bulls tried the get the entire herd into greener pastures by the close but some of the baby bulls got left behind.

Pre-Market Update: The market was closed last Monday for Memorial Day that left Wall Street facing a Tuesday open and a short-covering rally. The bulls have done well on Terrific Tuesday’s for much of the year and returned to form following a push to all-time highs.

Pre-Market Update: The S&P 500 Volatility ($VIX, 11.57, down 0.11) was basically flat after trading in a range between 11.82-11.41. The bears are still trying to clear 12.50 while the bulls are eyeing single-digits.

Pre-Market Update: The bears got their first victory in 5 after snapping a 4-session losing streak on Wednesday. No damage was done as the bulls easily held support but the suit-and-ties were once again flip-flopping as there was no follow through to higher highs.

Pre-Market Update: The bulls continue to climb the wall of worry with no fear of slipping after pushing all-time highs again on Tuesday. The market clearly has momentum and some of the upside targets I have given since early December and reiterated again in March are starting to trigger.

Pre-Market Update: Watching the last hour of Wall Street’s close on a Friday is never any fun, especially ahead of a 3-day weekend, but as a trader and technician it’s part of the job.

Pre-Market Update: Wall Street has been looking a lot of signs in recent weeks as the bullish and bearish camps split further apart with more and more famous names joining the latter.

Pre-Market Update: As far as the battle between the bulls and bears…what a Wednesday.

Pre-Market Update: The bears are starting to get their groove on Tuesday’s after holding resistance and getting a clean sweep on the major indexes. I often say one day doesn’t make a trend but I warned yesterday and today’s action could lead to something.

Pre-Market Update: Following a dip at the open, the bulls rebounded to claim their fourth-straight win on Monday. The gains were limited but it was enough to keep the upper end of the current trading intact.

Pre-Market Update: Mondays have been bullish of late and last Friday’s action was a good tell Wall Street didn’t want to get caught off-guard again following last Mondays short-covering rally.

Pre-Market Update: The market started the week with a run at fresh all-time highs that helped lift Tech and small-caps off the mat.

Pre-Market Update: Mr. Tepper is the founder of Appaloosa Management and has made some great calls over the past year so people are listening. However, the technical picture started to weaken on Tuesday and I mentioned if there was follow through, prior levels of support would be tested.

Pre-Market Update: The bears made a midweek appearance to push support that served as prior resistance as the bulls backed off their record run. The action has felt bearish since Monday’s short-covering rally although a back test to support is a good thing – as long as it holds

Pre-Market Update: The bulls powered fresh closing highs on the Dow and S&P 500 but Tech and the small-caps failed to keep their momentum. The action gave the blue-chips their first 5-session win streak for the year but the bears are still lingering.

Pre-Market Update: The bulls made a strong run at the open on Monday to push all-time highs and held a steady pace throughout the session to keep the bears at bay. The action was decisively bullish as there was no fade or pullback into the close and sets up well for today as Tuesday have been mostly bullish for much of the year.

Pre-Market Update: The bulls came into last week with two days of May under the trading belt but needed another Monday win to get back on track. The bears did their best to crack lower levels of support on the open but the rebound into the close was a good sign a continued trading range would follow.

Pre-Market Update: The bulls had a good thing going on Thursday before the bears showed up in the afternoon. The major indexes had cleared resistance but the action into the close left Wall Street once again scratching its head.

Pre-Market Update: Wednesday’s action favored the bears for much of the session but the bulls left some clues once again their not ready to give up the push to higher highs. The major indexes were dancing around key support and resistance levels right into the closing bell with the action favoring the bulls once the dust settled.