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…
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.
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.
*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