Happy St Patricks Day! Over night stock futures were gliding along, chugging higher and higher.... until the European markets opened. Futures tumbled, currencies collapsed and soared... and then the sun rose on the U.S. markets. Any dip since the lows of 2016, is just an excuse to buy stock at a cheaper price.
Market Outlook Video - Covering $CAT $LNKD $AMZN $FB $TWTR $SPY $IWM $QQQ $GDX and more
After yesterday's sharp sell-off stocks stabilized today and rallied to close near session highs. 2015 has been a 'spin your tires in the mud' affair. Would it be any more appropriate if tomorrow's jobs reports sparks a rally back to Monday's levels?
Bonds remain a volatile trade with $TLT dropping to its lowest level of the year before mounting a furious recovery rally. The 20 year bond etf now sits right at long term support. Tomorrow's jobs report is likely to push it one way or the other into the summer.
Patient? It's gone from the FED, but the term worked perfectly for call buyers this week. It's never easy holding onto longs/calls when every pundit is telling you to sell, that the FED is going to spook the market. Patience is exactly what we needed to profit today and it worked nearly to perfection.
Last night's bonus chart proved to be rather prescient. It's nice to be right about where the market is headed, it's even 'nicer'when that move is even more robust than your most optimistic expectations. Today was an almost straight up day after the FED. No stairs, no methodical move higher.... it was a 2 hour spike-a-thon and the stock market rests just off record highs.... yet again.
***Last Nights Bonus Chart ***
**** Today's Action ****
Every Sunday we host a live webinar called the week ahead. In it we highlight stocks, events, themes to watch for in the coming week. Tonight let's look back at the first full week of 2015.
This Sunday Tune in to the Week Ahead, right now lets look at The Week Behind:
$PCLN puts for 2,800%
$BITA calls go 1,800%