MomentumOptionsTrading.com Midday Update for 6/20/2014
Blue-Chips Trip Fresh All-Time Highs/ Profit Alerts!!!
The talking heads are doing their best cheerleading Dow 17,000 and with another half of trading to go, they might start doing backflips if reached.
Of course, it doesn’t mean anything if you haven’t participated on the run to new highs. Most of the suit-and-ties are still dramatically underperforming the market by staying on the sidelines and warning of a pullback.
There was another famous Wall Street vet that once again discounted the S&P 500 Volatility Index ($VIX, 10.66, up 0.04) and said it has been a useless indicator for 2 years. Are you kidding me? To me, the VIX has been one of the BEST indicators for calling breakouts and pullbacks and why I am so glad everyone is ignoring it. The bulls have pushed another 52-week low of 10.34 today.
The Dow is up 33 points to 16,954 while the S&P 500 is higher by 2 points to 1,961. The Nasdaq is advancing a point to 4,360 and the Russell 2000 is gaining a half-point to 1,184.
I have a lot to cover with the current trades as there a 3 more Profit Alerts that have triggered. I mentioned the portfolio will be light and ready for new trades starting next week. June has been an incredible month for the portfolios (including the Weekly Wrap) and I expect the momentum to continue into the summer and for the rest of the year.
I have said this could be one of the BEST years ever to trade the upcoming volatility and the portfolios are proof in the pudding.
I will be back Sunday night with the Weekly Wrap and on Monday morning with the Daily. Until then, have a great weekend everyone!