St. Patrick’s Day has always been one of our favorite holidays as the green signals Spring is just around the corner. Although this year’s celebration has been mixed with white snow, we can’t complain as we were betting on a rebound today.
We gave our 2-cents this morning on the current geopolitical events and the US followed suit by imposing sanctions on some of Russia’s top brass. The fact there was little to no violence over the weekend in Ukraine was a major plus and while the rhetoric will continue throughout the week, it is one worry the market doesn’t have to worry about – at least for today.
There are still a number of headline risk events that are scheduled throughout the week and while we expect volatility to stay, the VIX has flattened out and is back near 15.
The market opened higher and the gains have held as the bulls have cleared resistance that served as prior support.
The Dow is up 176 points to 16,241 while the S&P 500 is higher by 17 points to 1,858. The Nasdaq is jumping 44 points to 4,289 and the Russell 2000 is gaining 8 points to 1,189. The S&P 500 Volatility Index ($VIX, 15.75, down 2.07) is down 12% and has traded to a low of 15.37.
We have a lot to talk about inside our Members Area including 2 more Profit Alerts and another New Trade. Subscribers, check the Members Area for the updates and stay locked-and-loaded into the close in case we take additional action.