The last 30 minutes of trade on Monday in the stock market saw a strong finish in the last 30 minutes after a dull day. Despite this the market doesn’t look nearly as attractive as it has for the past few weeks when I handed out many, many winners on the long side. Recall my outlook for the remainder of the year had a bullish bias, but also one punctuated with some sharp declines. I think one of those declines is likely not too far off. It would surprise me to see the market last past next week, without a significant dip—- that is a dip large enough to reset overbought conditions and temper the bullish tone. Semiconductor stocks in general have not done as well as I anticipated after the good Micron earnings. If the semi stocks can’t gain a foothold and display some leadership, then the market is going down I believe. Hence Nvda, AMD MU are the bellwethers for the market here.  They will lead in either direction. 

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The long term bond ETF has tested support as identified several times in the past in this space. Chart attached. A good place to commit some funds here to far dated calls. As well as keeping dry powder in case any better prices may still be presented. 

Thanks,

Joe