All week in the Master Trader Green Room we have discussed the “mixed messages” in various Index and Sector ETFs which suggest indecision. We said the markets are correcting and are not “pushing the accelerator” until we get a more clear message or “event.”
We also discussed this in our Wednesday MT Live Show which was titled Profit from Pending Volatility on Congressional Shakeup.
That bias remains, particularly with the selloff on the broader markets into the close.
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Although the markets reacted bullish after the 2 pm ET FOMC announcement, we cautioned our traders not to engage because of the historic whips.
Based on the bearish acceleration into the close, we remained sidelined. See the 15-Min. chart below of the SPY showing this action. It is on intra-day support but we remain cautious, particularly with the pending Kavanaugh/Ford hearings today and Rosenstein matters.
Before the late-day selloff, watch us analyze in the Master Trader Green Room the FAANG Stocks (AAPL, AMZN, FB, GOOGL, NFLX, and TSLA) and see why we just recommended in our Advisory Letter a bullish position in NFLX in the video below:
Today we will be watching NFLX, GOOGL, and AAPL (with its bullish pre-market gap) for new bull put credit spreads. Stay tuned!
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Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director of Master Trader
Trading the Pristine Method — Origin and End
Dan Gibby
Chief Options Strategist
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