After good economic releases the market shot upwards reaching the 3091 level (NDX-100) before turning down closing 0.26% positive. The DOW managed to hold to its profits hitting a new all time high. On the energy front WTI amazingly reached the 108.22 level on the backdrop of above expected economic reports. Our trading strategy worked well today but the trading environment has been difficult, thus still maintaining our strategy of shorts on spikes. We belief the market is in overbought territory and a substantial reversal is imminent, but do recognize that markets can stay overbought for some time. Let´s see how earnings come out after close as to get some clues for tomorrow´s trading……
Today´s Profit USD 567 (Portfolio Size: USD 25,000)
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- S&P 500 Rises to Record on Jobless Claims Data, Earnings – Bloomberg (bloomberg.com)
- The Dow Continues Its Earnings Ramp-Up (fool.com)