MomentumOptionsTrading.com Morning Update for 7/14/14
Hard to Bet Against the Bulls
Wall Street quickly turned jittery following the July Jailbreak and run to all-time highs to start the month. The musical chair analysts were spooked to start the week after raising their price targets for higher highs in June. Despite the prior confidence, the suit-and-ties were rushing for a seat ahead of the closing bells throughout the week.
Meanwhile, the flip-flopping talking heads were also fretting lower lows with many of them calling the pullback a selloff or the start of an 8%-10% correction. However, the bulls flashed signs they aren’t going away easy.
As usual, the divergence caused confusion and shook out more of the weaker hands out of the market. One thing for certain, volatility is picking up like I predicted and this week (along with next week) has the possibility of getting even crazier. (read more…)