Having Maxed Out Taxes On California Residents, Newsom Proposes New Tax On Florida Residents.
It was a green day today. By the way, SPX broke out of that downtrend line. If you have been reading my funny pages at night that was a key spot, however, it needs to hold.
The market has been buying dips lately which is bullish. MSFT went up big in the aftermarket yesterday but ended red in the aftermarket yesterday. Today it closed up almost 3.0%, so there you go. Buying the dip.
Tech has been hot, but so much of it has been the shitcos in the Russell 2000. I could give you 25 stocks that have gone from $3 to $6 lately but I don’t trade that way and my daughter gives me enough nail-biting angst to satisfy that urge.
The market is OK right now. The market perceives lower rates and a soft landing and all the bad shit historically gets discounted 6-12 months ahead of time so we will see where we go from here.
I always sleep with one eye open anyway, but for now, things look better, HOWEVER, we are getting short-term overbought so don’t lay too much on the line up here at these levels.
A 3-5%pullback could happen and if it does, it would be healthy, not bearish.
Energy was good today. Portfolio name SU was +3.5%. BP and COP were triggered today. CVX went up 5.0% on buyback news and a dividend raise. XOM probably follows with similar numbers.
Remember DVN yields over 8.0% and it’s in the right space.
Tomorrow is the silly weekly options expiration. Should be outlawed.