It was a solid consolidation day for the SPY QQQ DIA but not so much the IWM. On top of that, the RSP and QQEW lagged the SPY QQQ, indicating more short-term volatile rotation. Volume was lower so that is a positive but we are in the middle of negative seasonality and there is too much random price action to feel 100% confident that we are just going to continue to V-ramp into new highs without a pullback or consolidation. Make no mistakes about it, I do believe that we will be hitting new all time highs before the end of the year. I am just not so sure about right now. The mere fact the VIX did a full reversal in such a short amount of time and that the indices are just plowing through every resistance zone and level regarding price and moving averages is proof to me that the market does and will move higher. I just hate August and September and after that V-ramp I remain cautious with new swings overall.
I do have one new speculative quality long position from the Biotech side but even the names I am getting long recently are not producing the immediate gains I want/need to see to increase size, have conviction, or allow them room to work. UBXG has been incredible but due to the speculative nature of this name and where it triggered its signal I did not get the size I would have gotten in a stronger market. It is what it is. Its August. Next month is September. I know what I am dealing with. I explain it all in the video lesson below. Have a wonderful evening everyone. Aloha.
New Swing Positions: None.
None.
Sells:
50%: CASY (-1% on an EOD basis).
100%: None.
