It was a relatively dull session yesterday (Monday July 11th) with stocks
gapping higher only to trade sideways up till now. As I talked about in the morning's
video I expected stocks to grind higher, and for vix ETF to keep
moving lower for another day or three.
Coffee continues to be on caffeine-high today testing near today's high, which
looks as though it will continue to run higher in the coming days.
Precious metals continue to hold up but I don't expect them to go much higher
until equities reverse down in the next week or so.
A couple leading sectors have been underperforming (transports, and financials).
The stock market needs the financials to take part in this rally to new highs
for the SP500 if the market is to have any real power behind it. The fact
that both these key sectors are underperforming tell me there is not a ton
of power behind this move to new highs for large cap stocks.
Also, a few months back I shared some bonus spike trade alerts with everyone.
Many of you loved these momentum trades every week as I do also. If you are
interested in these spike alerts, see yesterday's
blog post for details - Exciting Stuff!
