This Is Our Best Scenario Today

June 8, 2023
Author: Peter Stolcers, Founder of OneOption

The market has major news pending next week and it needs to add to the breakout soon or it will fall back into the trading range.

PRE-OPEN MARKET COMMENTS THURSDAY – The market broke out through a horizontal resistance level last week and it is struggling to advance. We are seeing a rotation out of big tech (QQQ) and Consumer Stables (XLP). These have been considered “safe havens” and that money is rotating into small cap stocks (IWM). This is a “risk on” move. We are also seeing some money flow into the tech laggards. VIX/VXX is declining and that is a sign that confidence is building (very little fear). Given that almost all of the gains in the S&P 500 this year have come from a handful of mega cap tech stocks, I view this as a healthy sign.

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