Of Note After The Close

As a follow up to what I said earlier:

A lot can happen in the last hour, and certainly tomorrow too, but I would have thought we'd see more at least from the S&P today. Failure to scale the April highs of 1219.80 would set up a bearish non-confirmation between the indexes, noting that the Dow and the Nasdaq have scaled their respective highs.

I must admit, the chances are very small. But it's what I'm seeing right now.

It looks like the S&P saved the best for last. Not only did it close on its highs, it did so on a strong upsurge in volume versus the April 26th high. That it closed above the high on higher volume says quite a bit. We are likely in wave 3 of a C wave up at least.

Should we get a correction, it should be bought in anticipation of yet another leg higher. I may disagree with the Fed, but I try not to disagree with the market. I'm not, however, committing new longs here. I will instead wait for a better opportunity lower, and will continue to look for ways to profit from the downside when it occurs. With volatility this low, OEX options are my favorite tool for counter-trend trades. I'm am also building a small position in UUP.

I dumped another small BGU position today and sold my SPY 120 calls for a 2.5X profit. My order yesterday for OEX 535 calls was never filled! I don't even want to do the math on that one . . .