Dangerous Crossroads This Week

Posted by Joe Duffy | Jan 29, 2024 | Joe Duffy's Trading Advantage | 0 |

If I cycle through the 100+ optionable stocks that I track, the majority look sloppy sideways to maybe even slightly negative. The AI stocks featuring MSFT, GOOG, NVDA as well as Amazon are propelling the market forward. All the “Big 6” have earnings this week. The FOMC is this week as well. This is not a window where I am seeing a lot of opportunity.

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Crude oil and the US Dollar were up last week, neither of which is bullish for stocks. Neither is the fact that bonds can’t get going. Regarding the latter, I am still long TLT, and it is still at the price where I got in. If it doesn’t get going soon though, I will cut it loose. Just nothing to do here. Patience pays.

Thanks,

Joe

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Joe Duffy

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