The SPY remains in this incredibly tight flag over all the key moving averages. This needs to break this multi month trend of lower highs and push over 775 for us to really get some traction, we’re very close, just .5% away. We have earnings season kicking off in a week and the buildup is strong into it. Depending on how earnings season goes there is no reason we cannot see 800 on the SPY this year, the market is cheaper than its been in a long time right now on an earnings multiple at 19x. Oil is back under 90 and the vix below 16, the environment is ripe for that move up if we don’t get some escalation in Iran.
Scanner
Here are today’s large cap momentum scans from the database. The rest of the small and mid cap scans can be found in the link below.
My Open Book
Trades I Made Today
VST - I sold to open 100 of the 125 December puts for 3.76 adding to my position
