Buyers Arrive & Green Is Good, Time For a Follow Through


What is really important now???????  That’s right……..A FOLLOW THROUGH DAY.

Everything hit on all cylinders today.  We opened strong then retraced a good part of the move, but things lifted off again around 1PM as the SPX popped out of a very bullish flag/wedge that started building from the open.  Picture below on the 15 minute chart.


Here is how the sectors fared today.


Being the trusting soul that I am, I added ERX, TQQQ and SOXL to the P&L today. Honestly its not because I trust the market, the market is the one thing I trust the least in this world, but when you see about 20-30 puts for every call owned on some of the indexes, sometimes you have to go the other way.

ERX is levered long etf of the XLE (energy). TQQQ is the levered long etf for the Nasdaq and SOXL is the levered long etf for SMH (semiconductors).

Hey, Blackrock bought a robo adviser today, so maybe risk is back on after all.

My son went off to college the other day and has been doing some interesting things this week.  Monday he and his group had a dinner with some GM executives. Yesterday a dinner with Capitol One executives and today he visited the Federal Reserve in DC.  Here is the text I received about an hour ago.

“Dad, I just sat in Janet Yellen’s chair” . Go figure. Hopefully his Irish butt will bring us all some luck.

If I see anything of interest later this evening I will post it. If not, see you in the morning.

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