Wednesday Morning Notes
SPY 0.00%↑ is still in can’t stop wont stop mode with another green day yesterday and what is looking like at gap up this morning. At least as of now
On the daily we still have the POC way below us, but this market only really cares about liquidity at this point and with the FED still providing it who knows where this thing stops.
As always in trading, it is important to trade what you see, not what you think.
Following up on yesterday, XOM 0.00%↑ hasn’t done much, but that’s why you buy time. I ended up splitting it between a few spreads and a few calls. I want the best of both worlds in that trade.
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Looking at rotation and sentiment everything looks like its all systems go. Protection was “weak” but was only down less than a percent. Consumer Staples was about zero and everything with a solid correlation to SPY 0.00%↑ is green.
At this point we see how high we go. Not looking at anything new right now, but we will see how the day unfolds. I have alerts set up on the tickers I follow and will be watching options activity closely.