Weekly Raid #15
Welcome to another week traders
I hope everyone got some time away from their desks and got to recharge for the week ahead. Off the bat this morning looks like we are slowly going to continue the melt up. AAPL 0.00%↑, AMZN 0.00%↑, TSLA 0.00%↑, and SPY 0.00%↑ are all looking like they are going o open higher pre-market.
Tech being the heaviest weighted on the indexes I would expect this to drag the rest of the market with it. For the SPY we have a P shaped volume profile on the month, and that often times is a sign that a short or at the very least stagnation are on the way. So heading into the week I would look for a pop of highs or I would start to look for shorts against it.
On a macro level I am watching some of the yield curves. The 5-2 spread is still negative as are almost all of the ones I look at. While this seems to not bother many, it goes against everything I was taught both in theory and in markets. To see longer term debt pay less then short term debt should scream an issue.
Watchlist for the day
A few stocks I am watching today:
XOM 0.00%↑ I am still watching this as a proxy for oil. I have some skin in the futures market as well, but I like this as a proxy more. This pays dividends.
AMZN 0.00%↑ and AAPL 0.00%↑ both have earnings this Thursday so I am going to be looking for the earnings run up the is often common in tech lately. While not a sure thing, its something that I can sell a spread on and take a chance.
Remember to take a portion of your trading profits to buy income producers with it. No one is on their game forever, build a solid money tree.
Good luck and happy trading