The Market Is on The Rise Today
Now, I don’t want to give false hope but, the market is ripping upward pretty well today after nearly two weeks of falling.
By Midday:
- The S&P was up 1.34%
- The Dow was up 1.82%
- The Nasdaq composite was up 1.21%
- The Russell 2000 was up 1.21%
Not only that, but for the first time in a long while, every major sector is up on the day (this is quite rare).
While that’s pretty fantastic performance for the day across the major indices I do want to warn you that a Friday bounce like this is not a momentum signal for buying back into the market; we are still in no man’s land.
I have no clue what Monday will bring… If markets open up, down, or sideways.
Typically, I am at least leaning in one direction or another, but this “No Man’s Land” is a scenario I really try not to guess with.
Today’s bounce could certainly fuel capital flooding back in and the markets rising…
But, as I have been mentioning all week, Fridays rarely push lower after soft weeks so this correction doesn’t hold a ton of weight for me.
Remember, this is what I shared yesterday:
I think if we get anything higher than a close below the lows we’re kind of in no man’s land for a while… But if we get a lower low today which is pretty rare on a Friday, then we’re setting up for that deeper correction into August.
Right now, it’s looking like we are going to end up in no man’s land. For me, that’s a great time to play income trades until the market makes a more concrete move.
Speaking of income, you probably all know by now that my strongest strategy of the year is a twist on income called Automated Options.
On Monday, I have a special presentation for you about the current markets and how Automated Options is primed to take advantage.
See you there and enjoy your weekend,
— Nate Tucci
