The Market Is What It Is

Have you seen this comment lately, or said it yourself?

“This market is crazy.”

I saw about five people post those feelings just yesterday. Monitoring one of the large mirc trading rooms (600 people), gives me an insight to sentiment. The price swings have definitely been volatile. I’d rather have this type of trading, than having it trendless. The market is what it is.

A few on my trading radar today include:

CWTR is perking up after getting destroyed this year. A gap is there to fill.

CCJ is moving higher now.

ULTA is a new IPO to watch.

I’m also buying long side Proshares ETFs. QLD (chart shows trigger buy, and stop under 200ma on a 5-min chart), SSO, and UWM were added today.

The scenario I suggested a few weeks ago is playing out. The Nasdaq has risen 200 points in the past few weeks, and is consolidating here. 3000 is doable by year end. Another rate cut should help keep this boat floating for a few more months. My target for QID is down to 31, and back to the 70’s in 2009. Today though, the market is what it is.