We anticipated higher prices today in the stock indexes. After a gap down, the market moved higher and was up for the day and we were profitable trading the long side. We are anticipating higher prices with another massive counter trend rally. The price action has been too difficult to short and the liquidity wants to buy this market in spite of bearish fundamentals. There seems to be strong bearish sentiment as well (which is bullish).
FOMC is Wednesday at 2pm EST and the Fed is expected to hike rates 0.75%. It will be interesting to see the statement and the press conference as well as the markets interpretation.
The 200K Portfolio was up today +$2,700, and the 50K Portfolio was up $700.
Another interesting note is the end of day buying. The last four days, the buy programs are coming in at the end of the day. The old saying "amateurs trade the open, pros trade the close" is not always relevant but something to consider.
We are ready to trade the market on either the long or short side as tomorrow's trade develops.