MomentumOptionsTrading.com Midday Update for 5/30/14
Bulls Looking to End May on a High Note/ Profit Alert / New Trade!!!
The bulls are trying to put the finishing touches on another successful May but the bears are nibbling.
This month has been one of the tightest ranges in years to trade and the flip-flopping between the suit-and-ties has left them scratching their heads as most of the pros have underperformed the market. The tight action also weeded out the weaker hands in the market but the charts were showing higher highs for the market, especially the VIX.
This weekend’s chart work will be crucial in trying to determine next week’s and June’s possible trend. I mentioned earlier in the week there could be a continued rally into mid-June but I’m leery of the curveball that might come afterwards.
The Dow is down 28 points to 16,670 while the S&P 500 is lower by 2 points to 1,918. The Nasdaq is declining 6 points to 4,241 and the Russell 2000 is slipping 4 points to 1,136. The VIX is at 11.47, down 0.10.
I have a New Trade for today as well as a Profit Alert. I also have New Trades for the Weekly Wrap today that will be released within the next hour or so.
I will be back Sunday night with the Weekly Wrap and on Monday morning with the Daily. Until then, have a great weekend everyone!