Market Has One More Good Push Higher – No Speedbumps Until August

July 21, 2016
Author: Peter Stolcers, Founder of OneOption

Posted 9:30 AM ET - We are in the summer doldrums and I'll keep my comments brief. Earnings season has been good so far and the path of least resistance points higher. The macro news is very light and flash PMI's will be posted tomorrow. They should be market friendly. Google, Amazon, Facebook and Apple will post soon and shorts will stay out of the way. The Fed will not hike rates next week and the news will attract buyers. Look for a gradual grind higher. I am not looking for a blow-off top and I feel the upside is relatively contained. Milk the profits in your call positions and gradually take profits during the next week. I have been day trading the first two hours of the day and I have been able to find five or six really good trades each day. I set my targets and I take profits as soon as the momentum stalls. The afternoon session has been flat as a pancake so I've been enjoying the hot weather. If we get a small market dip late in the day, I will consider reloading my long positions. There have only been a few of these dips in the last 10 days so I'm not counting on it. The market will grind higher the rest of July. In August, there will be some speed bumps. Stay long and take profits along the way. . . image

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