Greetings from Oman!
More dramas earlier in the week, fueled by US trade concerns and causing a few uncomfortable whipsaws, but ultimately being shaken off by a market that wants to keep going in an upward trajectory.
I mentioned last time that the markets did look good for more upside and they’ve done exactly that, albeit with that shakeout which would have triggered some stops.
As we look at the OVI Dashboard we can see that the one and two month trending pies are bullish, but there are relatively few “tradeable” setups forming. This is in large part due to the scare in the early part of last week, destroying otherwise perfectly decent setups.
Now, that’s not to say there aren’t a few decent ones lurking around. It’s more that they’re simply not quite fitting our particular definition of a flag. In such cases we use our pattern recognition experience to see if a tradeable consolidation or pullback is forming with a corroborating OVI. This isn’t difficult … it just needs a bit of practice.
In today’s market review I’m using the new software interface that I released to my London workshop attendees. As you’ll notice, it’s making things much easier, faster, more flexible and more precise … and there’s more to come, including the rolling out of this new technology to all my options applications in the next few weeks.