The last update I said that I still thought weakness would materialize from Wednesday through the end of the week. That has indeed happened though my short position via puts in IBM did not benefit in any large way. In fact, before Jerome Powell spoke around midday on Thursday I took a small profit on the IBM puts. On a Friday I think its best to see what next week brings, and not enter any new positions. My thought is that Friday won’t sell off too much, nor will it rally too much. There is every reason possible to expect a decline but we aren’t getting it. I think the market is getting itself sorted out for a year end rally.

Wall Street Is Furious After working for one of the biggest banks to make them a fortune, Joe walked away and used his method to help others beat the street and make money for themselves. If you want in on the action, click here

Candidates that I am watching on the long side are GOOGLE, which is in it’s own private bull trend and Microsoft which has corrected a bit but it is in a bullish looking position longer term. A second tier stock that I am watching that looks like it might be bullish is Roblox. Not buying any of these stocks right here… they’re just the ones on my potential buy list so far.  If I was looking short I would look to Starbucks. Again I am staying flat as it will probably end being a sloppy day Friday.