50K Portfolio 1 Micro SI 25 (LIVE) = +$1,550
200K Portfolio 6 Micro SI 25 (LIVE) = +$8,500
After a choppy open and chop most of the morning, the dip buyers drove the market higher and many of our strategies jumped onto the long side to capture the move. The market had been in a very choppy range since mid Tuesday. We are in earnings season.
The rally was very powerful and straight up. I did not see this coming but anticipated a close near the highs and a multi-day rally. The roll over into the close on earnings from tech stocks such as AMZN, leaves us with mixed sentiment. Anything could happen.
I believe we are in a long term, very slow bear market, with many counter trend rallies.
The prop up price action is become less and less effective and we could see some sharp selling, that we haven't seen in awhile, at some point.
April is typically a strong month for the bulls but when a bullish month is this weak, it can be very bearish. Sell in May and go away? - hasn't worked in recent years but the Fed starts to reduce its balance sheet next month by $95 billion. I think the market may have considered the negative GDP report and decided to call the Feds bluff on further tightening. It will be interesting. We are flat at the end of the day and ready to trade it either way.