Current Long Positions (stop-losses in parentheses): AGYS (7.60), CALP (7.28), SPY July 130 Calls
Current Short Positions (stop-losses in parentheses): None
BIAS: 6% Long
Economic Reports Due Out (Times are EST): Consumer Sentiment (9:55am), Leading Indicators (10am)
My Observations and What to Expect:
- Futures are strong, up nearly 1%, heading into the open.
- Asia was down close to 1% on average overnight, while Europe is seeing gains ranging from 0.5% up to 1.9%.
- Yesterday, represented a lot of market volatility with the VIX reaching as high as 24.65 intraday, before settling at 22.8 (still a sizable jump).
- We tested the 200-day moving average perfectly on the S&P yesterday, with a strong final hour bounce in the markets, that showed a lot of volume.
- There was an extreme/uncharacteristic sell-off in Apple (AAPL) yesterday, followed by a huge surge in buying wiping away much of those losses, that when coupled with the action we saw in the S&P yesterday, gives me cause to think we may have hit a short-term bottom in this market.
- Ideal for the bulls would be a market bounce that sees us close at 1290 or higher. Not impossible considering how much short interest there is in this market.
- Watch 1280 on th S&P, which is the 10-day moving average, break through that, and we could see further price momentum gather.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: Computer HardwareInformation Technology
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in