The SPY gapped up nicely after the awful jobs number, we’re back in the bad news is good news era because it cause a tiny selloff in rates. What matters more is you can see this is still a series of lower highs going back to early August. We really need to get over 775 and close there for bulls to be in a good spot. If we turn lower from here, this was all just a meaningless bounce higher. Our next catalyst is earnings season kicking off in a few sessions with many of the big banks reporting on October 13th. We are simply still in this range we’ve been in for months, today’s move is immaterial. It is nice to see oil down hard, that is one bulls want to see more of. The biggest component in our markets NVDA just had its highest monthly close ever 2 days ago, that is not in any way bearish but we have to breakout of this range before we can get a nice run until then it is just a constant shuffling of names within this range.
Scanner
Here are today’s large cap momentum scans from the database, the rest of today’s trades can be found in the link below. AMD being here is nice to see, that aligns with it being the 3rd most bought name in the database this past week, that doesn’t happen often where you have a top name lining up with the momentum scan.
My Open Book
Trades I Made Today
