Energy was the biggest winner on today’s session as crude oil prices near $50 a barrel. Crude oil rallied after inventories showed a build. Financials were the biggest losers on the session even as a few Fed members hinted at more rate hikes this year. The NASDAQ continues its bounce leading the market higher as we remain in a holding pattern for the market. Do not get us wrong, there are plenty of stocks looking to break higher. At this point, most are in solid patterns and close to breaking out. Opportunities in this market exist and it is whether you want to take advantage or not. We are looking to take as much as we can from this market.
Most are not ready for the gains this market will cough up. They cannot follow a strict money management process (rule #1 is cutting losses), follow no exit strategy, and do not have proper position sizing leading to failure. If you are sick and tired of not performing in the market it is time you get aboard the Big Wave. Turn your portfolio around by subscribing to Big Wave Trading.
The next rate hike isn’t likely to September. A coin flip for June and July, but the market isn’t seeing a rate hike until September. We could care less as to why and if the Fed will raise rates. The market is acting well and we will continue to focus on what matters: price.
We are going to keep commentary short for tonight. Simplifying your process and focusing on entries, exits including cutting losses, and proper positon sizing. Everything else is noise. Stick to what matters.
