The SPY is holding onto the 50 day as we gapped down big overnight on the ai fears brought up by Dario and Sam Altman over the last 2 days. It doesn’t help matters that oil is spiraling out of our control rising over 104 at one point and bonds are blowing out at the same time. Trump and Bessent cannot like what they’re seeing right now, a deal with Iran is getting more likely by the day if this continues. As for the ai scare, this is all nonsense, Dario and Sam never once cared about the safety risks of ai until open source became a threat to their business model. Now they’re looking for the government to step in and make life hard for anyone trying to ever threaten them. Zuckerberg said we should be going faster yesterday and look at the reaction from Meta today in this tape. This is just a continued series of lower highs for now.
This market is very tough and has been for 5 months now, if you’re in short term trades you’re getting chopped up with all the constant narrative changes. This is why I try to take a multi month approach to my positions. It’s very hard to play short term unless we’re in a trending market and we just haven’t been for a long time, a trending market would be simple and smooth sailing over the 21 ema, the market we’ve had since May looks like an EKG and that’s why we’re a little over 1% away from the 100 day right now. We have gone nowhere in months so don’t feel bad if you haven’t done well the last few weeks, alot of good trend traders did not do well. This is where selling puts becomes more valuable, you can still be profitable in times where the market is flattish.
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Here are today’s large cap momentum scans from the database. Lot’s of defensive names here in Verizon and Traveler’s. This isn’t what you like to see as the trending charts if you’re a bull.
My Open Book
Trades I Made Today
