Thursday, August 24, 2017 5:42:07 PM
Fundamentally, earnings continue to impress, and now even the retailers are beating (yes, low estimates) but most importantly some same stores sales percentages are rising. This is a healthy sign for the economy and personal spending.
This strong growth and earnings seems to be happening globally which is another big plus.
Technically, it appears that SPY 242 that was hit last week, was the bottom for the time being. However, with the S&P sitting below the SMA50, there's always the possibility of a move lower. Any hawkish responses from Jackson Hole could easily be the trigger. I agree, SPY 240 will get BTFD very fast IMO.
Surprising to actually see the VIX down today in light of the trading action, those were some BIG DUMPS today, and somehow the market crept back UP.
Personally, I'm still kicking myself EXTRA HARD for not just selling ALL my calls into the STRENGTH on Tuesday and sitting with cash for now - I let some large profits slip away!
However, I cannot complain, it's been a decent week especially with my earnings plays like: KIRK, AEO, SIG and ANF.
Recent SPY News
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