Market Momentum Points Higher – Nothing To Stand In the Way

February 23, 2017
Author: Peter Stolcers, Founder of OneOption

Posted 9:00 AM ET - Yesterday the FOMC minutes failed to move the market. This was a potential speed bump and stocks shouldered the news. The S&P 500 is up a couple of points before the open and we should see a steady grind higher today. Shorts are not going to stand in front of this freight train. The bid is strong and dips are quickly soaked up by under-allocated Asset Managers. As long as the upward momentum is intact we will not see much profit-taking. Earnings season has been good and the guidance has been positive. Global economic conditions are improving and the threat of a rate hike is a few months away. Swing traders should stay long. Ride your profits and raise your stops. Day traders need to be patient during the first hour of trading. Once conditions have stabilized scale into long positions. The calendar is light the next few days and momentum favors the upside. Look for a quiet grind higher today. Raise your market stop to SPY $235 on a closing basis. . . image

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