Amid another slow and steady 2015 like grind a horde of stocks pressed the action. If today's trading action was the ocean the rip currents would be swift and daunting. The most skilled and adept would succeed while the slow and meek would get sucked under.
The $SPY posted yet another mechanically felt range bound day. It's as if the program is already set. Price levels are determined before the bell, and a crisis, bond blow up, or currency gyration will not stand in its way.
I give you exhibit 1A:
The $SPY spiked $.40 higher out of the gate, then plunged $.87 before rallying $.47 into the close. As has been the case for much of 2015, the S&P500 doesn't get too cold or too hot and has a habit of closing right in between the days range.
How bout that $QQQ. The 2014 tech wreck is just another pimple on the record high Nasdaq. Tech Wreck!!! This was my thoughts back then.
Ebola! Thankfully we can kiss Ebola goodbye for now... until it morphs into an airborne Walking Dead virus... but by then we will all be multi-qudrillionaires from the massive inflationary event that turns everyones 'becoming a millionaires dream' into a nightmare. I guess we can cover that another night.
Curiously enough today the bond market sold off. Go figure. Like any terrible Zombie movie that keeps you up early into the morning wondering why you wasted your time watching it, the correlation between bonds, currencies, anything, appears to be broken, and after 6 years of trying to tie the them together, leaves me wondering why I bothered in the first place. Perhaps its for times like these when I need to fill space on the blog. Or perhaps the other times when I have my paintbrush and I am busy drawing lines on charts.
In case you have the time. I penned these wonderfully crafted 'articles' this evening. Peruse them at your own peril, I mean pleasure.
now let's continue that recap........
Needless to say $TLT is selling off and looks poised for that $100 figure. Will that take stocks down with it? Will the US Dollar fall to pieces in the face of this sell-off? Will the New York Mets ever trade for an offensive talent? I have no idea. But I think $TLT will continue to offer some great trading set-ups to the downside.
The great $GOOGL $550 magnet has created such a pull, Mars has tilted 5 degree closer to the sun. Is that $550 magnet now gone? If so this could be the start of a very serious move for GOOGL, one that will see the stock at record highs and over $700 into the summer. Someone has to take $NFLX's lofty place. And with the magnet gone $GOOGL seems poised to do just that.
$TWTR I know, I just have to show support here for my favorite social media tool. Although buying options in the name has me feeling like quite a tool lately.
and last and certainly least. The small caps have been trading big, hitting a new all time record high for the $IWM. Now you know why that $120 level was so heavily defended earlier this year. This was not an ETF to reckon with. I don't see how it can get to $129 and not $130. $130 sounds so purty.
That is all. You can return to your I Love Lucy Reruns.