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Seven of the past eight trading days on the SPY have been red candles, so it’s not exactly shocking we’re getting a bounce this morning, particularly on the heels of that very strong post-FOMC selloff yesterday.
I had actually done a fair bit of hand-wringing last night in a premium post in which I observed that such indexes as the $INDU, $UTIL, and $RUT seemed just about as sold off as they could be for the moment. Here we see the /ES rocketing higher by nearly triple digits pre-open.
I own one and only one stock, which I bought Tuesday: Kratos Defense & Security (KTOS). It has a huge and very well-formed saucer bottom:
I’m pleased to see SpaceX doing well and poised for higher prices. If you missed it, I did a video about the space sector over the weekend.
If SpaceX (SPCX) can muster its way past $150, we could see a very rapid push higher from all that pent-up energy.
I have been waiting impatiently for gold and silver to ease down so I could establish starting positions, and I just did so. I have marked my stop-loss with the green dashed lines. These could sink further, and I will simply buy more as long as support isn’t violated.
