The bulls are looking for their third-straight win today, a feat that hasn’t been accomplished since late April on the Dow, while the bears hope anything Ben Bernanke says won’t matter.
We have tried to ignore the tapering talk, whom the next Fed Head will be, or how much money is being pumped in the market or printed around the world. All we care about is market direction and making money and we are skilled at doing it in any kind of environment. If the market sells off, who cares? We will start loading up on put options.
While we do expect volatility later this afternoon, we wouldn’t be surprised to see a continued tight trading range or an explosion to the upside and a test to new highs. We have done well playing the current trading range and our portfolio will be light by the end of the week as we continue to lock-in profits. We have said we will be in PERFECT position to play the market’s next major move, or a continued range.
Our upside targets for a test to new highs were triggered yesterday but nothing is a given and we have listed downside targets to go short as well. The rest will be up to Ben Bernanke and while he may be emotional, we won’t be because we plan on profiting either way.
We have some last minute updates on our current trades and we could be busy this afternoon with New Trades or Profit Alerts. Watch Tech and the Banking stocks along with the small-caps. Stocks in these sectors or index could lead the way higher or lower.
As we head to press, the Dow is down 15 points to 15,303 while the S&P 500 is off by 2 points to 1,650. The Nasdaq is down 3 points to 3,479. The indexes are holding our price targets for a bullish run higher so let’s see how it plays out.
Subscribers, stay locked-and-loaded and on your toes. We could be setting up for some nice pin action this afternoon once the fireworks begin.