SPY hit a new all-time high yesterday as QQQ knock on the door. IWM slipped yesterday, but overall the market continues to push higher. Volume was light and this is expected as we head into the 4th of July holiday. Earnings season is around the corner too, keep this in mind as you must be aware when your stocks are reporting earnings. Whether we are setting up for a “sell event” with the Chinese trade deal we cannot guess what the market will do. Not to mention we have no clue when it will take place. Continue to stay the course and react to what price is doing now what you are thinking or feeling. Let’s maximize our profit opportunity and ignore all the rest.
GOOGL has been struggling as of late and despite the past few days the stock remains well under its high and staring up at a ton of resistance. Perhaps its earnings report will help boost the stock, but for now it is struggling. TSLA had a great day, but it too will be battling a ton of overhead resistance. Many have a love/hate relationship with the stock. Stop. There is no need to be emotional with a stock. On a positive side AAPL and AMZN continue to act well and should be an indication of how they will respond to their earnings report. Anything is possible, but follow what price is doing not what you think or hope it will do.
Gold has been on a tear since late May and continues to hang tough. Bitcoin continues to display positive price action. Bond prices are in a positive trend as well. Very interesting to see stocks, bonds, Gold, and Bitcoin moving in the same direction. Who knows what the correlation means, but something to pay attention to as we proceed further into summer trading and earnings season. It may be nothing or it may be something. Follow price.
We hope everyone enjoys the holiday and does so safely. The market is open Friday and we need to be ready to act where necessary.
