Yesterdays weakness ended up getting bought... yet again. To think we are over nine years into this historic bull markets and the dips continue to get bought. Until that changes, the action remains biased for upside.
The VIX and VXX also keep shedding light on the outlook for the market both intra-day and over the short term. Yesterday they both could not get off the ground despite the early bout of selling. The market, on the other hand, was able to muster enough strength to not only get off the ground, but recover its losses.
This morning futures are continuing the upward trend and the VIX is down over 1%. One last thing about the VIX, that 13 level could not get cracked yet again.
And IWM is back in the channel:
and SPY has more positive momentum to go:
The opening bell is coming in a few minutes.
I am still long GOOGL and ASPS calls.
Today I am looking for some $BBBY options ahead of their earnings report as well as $STZ options ahead of their report. I'll let you know if I enter them via the trade room.
See you in the chat room.