When I last spoke to you last Thursday morning my last words were “don’t be short”. I hope that saved some of you, because small traders were VERY active on the put option side last week up to and including Friday. Further to that, what usually happens when trying to stand in front of a rally like last week, is traders go further out in duration for option expiry. All that does is keep the market supported for longer. In other words the low for the rest of the year is likely in. If you bought any of my long recs a week ago Friday… DIA, JPM, SBUX, IBM, INTC, DKNG you did very well.

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Though I am first to say I did NOT expect a 5% rally last week, Really no one could reasonably expect that. So for this week, the plan is to remain looking for dips to buy. Don’t trade short. If we get a very low probability swoon, and we take out Thursdays low on Monday, THAT would be bearish. Failing that, the market is going up.