This has been in interesting week and Friday could provide the exclamation point. The big cap indexes have moved sideways for two days after the massive short squeezes on Monday/Tuesday. Volume is elevated and we could be seeing a distribution process.
The tech titans reported earnings after the close and the Nasdaq futures surged in the afterhours session but have now turned slightly negative. Amazon and Google both gained more than $30 in afterhours and that should suggest a positive open at least for the Nasdaq. However, Microsoft and Intel both declined in the afterhours session.
Friday could either be another blowout day for the Nasdaq or a day of profit taking because all the expectations are over. Everyone was waiting for the tech titans and now there are no catalysts for Friday.
With North Korea back in the news on Thursday we will have the geopolitical event risk fears again on Friday. Given the profits from early in the week, we could see the normal Friday afternoon swoon.
I could not find anything today that was screaming "buy me" and we already have 15 positions. I have a growing fear that we are eventually going to be hit with a big down day that stops out half of them at the same time. I hate to just keep adding positions just because it is a newsletter day. I am suggesting we wait until the weekend when there will hopefully be a little more clarity.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays