Following Europe’s lead US stock futures were pointed higher during pre-market trading. Inflation data did not budge futures one way or another as the headline figure was just above the Federal Reserve Bank’s target. A few hiccups in the afternoon knocked the market off their highs of the session, but still were able to close near session highs. Volume jumped day over day in a positive note confirming a new intraday all-time high. It will be important now the market adds to these gains. Earnings continue to pour in and like CMG when played properly can juice your portfolio gains. This market remains in an uptrend and it continues to prove fighting it is futile.
There are some great moves out there for leading names. Some are even setting up prior to earnings. Look for powerful gap-ups post-earnings announcement. We are watching them very closely. CMG is one we highlighted in our chat room last night. You must have a sound plan to trade these as they can be volatile. Trade the plan and do not let your emotions to interfere with your ability to trade the plan.
How could we ignore the insane 23% move in HLF today? The supposed death blow by Ackman was quite the opposite. We do not have any recommendations on HLF as it doesn’t fit our current criteria to be a long or short. The big boys are fighting over this stock and it is best to stand clear. Price is the ultimate factor and given its volatility it is one to stay away from for now. It certainly was a fun day to watch a stock rocket 23% in the face of its biggest short trying to slam it to zero. All it is, pure entertainment nothing more.
It will be important for this market to gain momentum and continue its march higher. Failing to do so will likely have severe consequences for the market. We are not worried one way or another as we will simply follow our process. Do you have a plan of attack if the market continues to rally? What about if this market fails? If you don’t or continue to lose money in the market with your opinions come join our community. This uptrend is intact and looks ripe to continue higher are you onboard?
