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Today was an odd one. The market was so dull for the first 90% of the day, I just wasn’t feelin’ it, so I put up lazy posts. Then when things got fun and exciting at the end, I had a meeting to attend to, so I was out of pocket. I’m back now, though, and wanted to say that the IYR position I re-entered on Friday is working out great so far.
Well, I’d say I got it pretty right. Both here, and on tastytrade, I said that Apple was an inscrutable bore and that Amazon had a chance for a tumble. We got ’em both. And, of course, this was a widely-anticipated event.
Greetings from a parking lot. I’m alone, unless you count Rolo the dog. My trading day had a nuclear bomb thrown in it due to family obligations, and as Claws mentioned, “Tim is missing all the fun.” Anyway, while in this car, I pulled up this chart of the /ES, and I just about crapped my khakis.
So as rotten as it is that the market is exploding higher, in spite of a bear-friendly CPI, I would like to take a brief victory lap that my ceaselessly-cited 3500 target on the S&P was achieved. I would further like to note that the last time a major Fibonacci was hit (see yellow tint) the market rallied for over a week, stalled, and then rolled over. With nothing but 2023 puts at this point, I’m OK waiting.
