Your basic 'pause' session where the indices made a break higher over a couple of sessions, following the early leaders. Now they take a break, reset, and we see if they push higher on this potentially last upside leg of this part of the rally.
Looking across our positions, most look good enough to let continue to work, i.e. not a lot of reversals. We did bank some SINA as it gapped to a doji after more than a week of solid upside. Also took some gain on MVIS, XXII, but letting half of those positions run as they look great. With the leadership still solid, we are not yet banking a lot of gain. Remember, expiration is Friday so keep that in mind on any September positions -- the only ones we have are HTHT options.
Not buying anything new today but watching SPY explode higher over the past few seconds. Not seeing anything coming across the news. I know Trump is meeting with the democrats and others on tax reform and will meet again tonight; perhaps some news there. That would of course be huge.
SP500 1.23, 0.05%
NASDAQ 4.42, 0.07%
DJ30 31.53, 0.15%
SP400 -0.16%
RUTX 0.23%
SOX 0.14%
Quote of the day: Speaker of the House Ryan says it is 'not in the nation's interest' to kick out dreamers. I think it should be asked another way: is it in the nation's interest NOT to kick out Ryan?
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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