Afternoon sell off on Thursday, but that is not too surprising given the strength early in the week. The SPX still trades above the monthly open and the weekly open, so those are indications of a market you want to be long of, or flat if you choose, but not short of. Earnings from the banks start Friday. If the news fits the chart on JPM, expect a solid report. Overall I continue to favor higher prices, and not really much more to add.

This little known moving average formula helps you nail the direction of your trades… and pinpoints major trends. Get it here for free

Starting next week, I will take a day each week to address a well known “market adage” and I will give you my view on whether that adage is true, partially true with caveats, or mostly fake news! Some of the things I believe might not be all you have heard elsewhere. Feel free to disagree! I will start next week with “let your profits run”. Wishing you a happy weekend!