Big economic numbers coming on Wednesday and Thursday this week with PPI and CPI and Federal reserve minutes. Many would say that one should not trade in front of these numbers. I can see that view from a very short term perspective. But if taking a view from several days to a couple of weeks, as is my focus for option trades, then one almost has to completely ignore the news. Especially so since these news events are upon us several times a week. This market is acting bullish. Last Friday and last Monday the market opened lower on consecutive days and then rallied both days. Bull markets tend to exhibit that behaviour. Attached is my basic chart I trade off of every day.

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This is a weekly, but it’s the same set up on a 1 minute chart. Everything on the overlays is blue. Price bars are blue. The Histogram under the chart is above zero. The oscillator under the chart is turning up from below zero. That’s a bullish set up. I remain long Draft Kings and JP Morgan both of which had very good days Tuesday.

Thanks,

Joe