All’s well that ends well … well sort of, and sort of not!
Coming back from the 4th July holiday weekend, the markets continued to rise until Thursday when nearly everything gapped down, only to then gap back up on Friday.
Unless you’re deep into a P2 where you’re keeping your dynamic trailing stop loose, there’s a strong possibility of being stopped out of a perfectly decent trade.
Fortunately that doesn’t happen too often with the kinds of setups we specialize in, but it’s certainly an inconvenience (to put it mildly) when it does. But please do not let that put you off what is an excellent trade plan nine times out of ten.
Market Outlook
Last week I mentioned there were fewer plum setups forming, and that may have been a sign of the ensuing market volatility that took place on Thursday in particular.
Earnings starts next week with the financials leading the way as is the tradition. For this particular round, my instinct is to take a cautious approach, requiring a breakout from a definable consolidation and high quality OVI setup.
Software Upgrades
Very soon the upgrades to the OVI Markets Daily service will be deployed. Two new market timing oscillators are on the way … Medium term and shorter term. These will join the current OVI Sentiment Indicator which is a longer term market timer.
Then will be the new OptionEasy Strategy Analyzer with its new features, after which I’ll host a couple of Mastermind sessions with our Options Bootcamp members.
And then will be the focus on the big project to align our charts, watchlists and TradeFinder application
I’ll also be populating all of the OptionEasy TradeFinders with new FastFilters. I’ve done FlagTrader, and the others will follow soon.
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This week’s market review is from sunny and hot Greece where I’ll be monitoring the markets, organizing new initiatives and conducting meetings. Ultimately I want to push our technology all the way, and that’s exactly what we are going to do.
As per last week, today I’m highlighting some more Big Money Footprint stocks setting up near Key Levels plus a few implied volatility divergence setups.
And again, stay fussy and make sure you protect your profits early. Remember, you don’t have to trade all the time. The biggest winning traders tend to be the fussiest.