News:
Yesterday was another day of gains on Wall Street.
Markets rose steadily, which is more consistent with a bull market.
GOOG, GOOGL announced a 20-to-1 stock split. TSLA and AAPL rose up to 30% between announcement and split in 2020.
UPS upped its dividend by about 50%. While T slashed their dividend.
There are a lot of headlines but not many trades for me right now…
Technicals:
The VIX has returned to bullish levels. The put-to-call ratio is neutral and so are all the RSI levels I track.
The DOW is on the only major index above recent support as the market is clearly favoring the blue-chip stocks.
I’m keeping a close eye on the former support levels on the other indexes that will now likely act as resistance. Right now markets are mid-range. So risk and reward aren’t in my favor.
I’m always seeking that balance between risk and reward. Until the opportunity presents itself I’m happy to stay on the sidelines.
Timing:
Some selling is expected in mid-term years.
The Obama/Biden administration in 2014 bottomed in January and rally the rest of the year. We could see a repeat with Biden/Harris…
But I’ve not convinced the rest of the year will be bullish.
For today I’m slightly bullish but remain risk-off. A perfect setup could get me off the bench.
Watchlist:
*Low Float
^Open Position
*IMUX has support at $12.50
DAVE has support at $14
^LLNW has support at $4
GRPN has resistance at $31
EXTN is on watch
EGY has support at $5
GLNG has support at $14.50
CBT has support at $61
FUN has support at $52.50
FRBK is on watch
UPS has support at $220