Morning Perspective

Another one day pull back looks to be in the rear view mirror as stock futures are moving higher.  Dow Jones Industrial futures are up triple digits again this morning.  The S&P500, Nasdaq, and small caps are all modestly higher after opening at fresh record highs yesterday.

Trading for sustained  downside in this bull market remains as futile as ever, with the overnight action doing most of the heavy lifting.

S&P 500 futures gave the allure of downside, much as its done previously,

A taste of what a pull back could be, before reversing.  Yesterdays pull back came amid a market littered with record highs.  A mere 15 minutes into the session over 400 stocks on the NYSE were hitting new highs.

The jockey pulled back and the market gave back its early gains and then some.  With futures higher yet again, the market continues to show that it downside is a mere short term illusion, while upside remains the reality.  Until that changes, trading for downside should remain an intra-day affair.

Still there is a lot of work to be done to recover yesterdays record highs.


The talk remains the same years later and yet the same price action occurs... dip buying.    This market remains resilient with pull backs brief and short lived.  Until that changes the $SPY could see $300 before it sees $250 again.

If yesterydays pull back was just another reset, we could be looking at that number quicker than anyone thinks, aside from the recent buyers of those April $SPY $300 calls.....

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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