It was a weird day trading today. Major US indices were dipping early in the trading day but the S&P and Dow Jones managed to finish at all time highs. One alert went off, another beautifully timed bounce.
Even though the markets have a few decent reasons to be skittish, investors are seemingly shaking off jitters as best they can.
"There are a lot of reasons for anxiety among investors in the short term if you look at the Delta variant, of course, if you look at the inflationary outlook, if you look at U.S. policy uncertainty and kind of continued choppy economic data. We think that there is a chance that we'll see some shorter-term consolidation here over the next month or two," Jon Adams, BMO Global Asset Management senior investment strategist.
"But if you look at a medium-term perspective, we think that we're pretty constructive on the outlook," he added. "Earnings season's been exceptional, the economy remains strong ... We'll get a lot more clarity in the fall around policy and around the virus. We think that it's still a time to remain overweight equities and with a bias toward U.S. equities."
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Positions this Week
$BTI +8.9% (Calls; Leaps)
$F -19.4% (Calls) - Will consider DCA; Still have plenty of time
$MA +4.9% (Calls)
$MS +12% (Puts)
$AMZN (Still watching this larger play; I'm patient)
$CVX +0% (Calls)
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$CVX fired today after a nice bounce on the 180MA support. Oil has been weak as of late, and I think it is time to start to take advantage of it. I got in around 11est today and my position is still flat. If we see strong oil in the next few days, this is be a short term position.
$MS was up a little today, but still overall correcting off of its highs from resistance. Puts are working well here and currently up 12%. Once I am over 20% profit, I'll start thinking about closing.
$F is weak, and it blew through support on the bottom parelell channel. If it continues to show signs of weakness, I'll consider DCA or just cutting the position until it reaches the YTD VWAP.
$ABBV, even though I cut it last week, has continued performing extremely well for those of you who decided to hold it over the weekend. Perfect bounce off of support.
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