I warned on Wednesday there was likely to be profit taking after the big gains. Nobody should have been surprised. With extra event risk this weekend, it is time for the markets to rest. All the major indexes are up strongly for the week despite the decline in techs and small caps. With techs and small caps in overbought territory and the Dow closing in on the next resistance level at 24,500 we could see a little more event risk selling than normal ahead of some important events. The G7 conference for President Trump will be on Friday and other participants have already promised "blunt talks on trade" and there could be a flurry of negative headlines. On Sunday the President leaves for Singapore for the Korean summit. There will be no shortage of headlines on that topic. It could blow up literally or figuratively at any time. Kim Jong Un has already claimed there is a plot underway to assassinate him at the summit. These next five days will not be dull and then the Fed rate announcement is Wednesday. Historically that means Tuesday is normally positive but the Korean summit will control the market.
New positions are only added on Wednesday and Saturday except in special circumstances.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays