The One Million MNS 110 was up +3.15% today with live results in the 250K Portfolio of +$6,300. The hypothetical results for the Stock Index Portfolio 18 was +$9,450 on the day. The Nasdaq futures were up +2% on the day while the S&P futures were up +1.2%. It's always good to beat the indexes on the day.
It was clear last night that there was a high probability of a Gap Continuation move today. There had been three days of selling that resulted in strong V-Reversal rallies at the end of the day. It was difficult to see that the market would try to sell off again. Often times when the market can't make any progress in one direction, a trend in the opposite direction can occur.
The recent jump in the VIX was a head fake for now as the VIX closed at 12.63 while NVDA crosses the $3 Trillion market cap.
Gap Continuation Gold and Gap Continuation Nasdaq were up on the day as well. Gap Continuation had not traded since May 24th but took a trade today for +$1710.
There were not many trades today as the trend higher was a skinny trend and didn't trigger some of the strategies that capture pullbacks. The Stock Index Portfolio 18 only had 3 Nasdaq strategies trading: Gap Continuation 2023, Viper, and VSD NQ 2024.
It was a bit of a stealth rally as the market gapped up with high NYSE TICK and Advance Decline readings. After the initial surge in the TICK at the open, the high throughout the day was less than 800. The Advance Decline line for the NYSE was at its highs on the open showing a reading of 1301. It then moved down to -383 and closed at 894. The broader market internals were rather weak in relation to the strength of the Nasdaq 100 and Big Cap Tech.
Comments