New All-Time Highs – Everything is fine…or should I worry?

It is like the market is a sling-shot.

Last Wednesday’s sell-off represents the moment where the sling gets pulled back, really hard, and the subsequent six days of buying in the market represents the market ‘letting go of the drawn sling and watching it propel to new all-time highs. 

There is no point in mentioning all the headline risk out there, I’ve done it a zillion times, and there really isn’t any point in getting short on this market. I’m not at least, though I will say, the rally in the Russell index looks mighty tempting for a good short – namely IWM. 

We have a three day weekend ahead of us, and any stretch where the market is closed represents additional risk where something can happen during non market hours or some wacked-out terrorist tries to do something stupid to make his mark on an American holiday. 

All the risk to the market, but here we are – trading at all-time highs. So in the words of Hillary Clinton, “At this point, what difference does it make!?!”

And just to update you on the VIX from yesterday, it is now trading at 9.99. Pretty crazy, eh? Since last Wednesday, we have gone from a 46% rally on the VIX, all the way up to +16, to now trading six days later below 10. 

stock market today

I haven’t sold any stocks yet this week, but that could easily change tomorrow. I don’t want to be too long heading into the extended weekend and considering we are up 6 days we are probably due for some kind of a pullback. 

Also worth noting is the fact that we are finally out of the box pattern that has pretty much summed up the entire month of trading. But like February, March and April, we we continue in May, to rally into the close of each month. April was down for most of the month with a few days to go, the market rallied hard to save the month from finishing in the red.

As we head into June, next week, are we likely to see more sideways trading at the beginning and middle parts of the month, as we have also seen in recent months? 

We shall soon see. 

S&P 500 Chart

spx 5 26 17

Current Stock Trading Portfolio Balance: 

  • 5 Long Positions

Recent Stock Trade Notables:

  • SPXU: Long at 16.60, closed at 16.98 for a 2.3% profit.
  • JP Morgan Chase (JPM): Long at 87.84, closed at 85.98 for a 2.1% loss.
  • Micron Technology (MU): Long at $29.00, closed at 28.04 for a 3.3% loss.
  • Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit. 
  • Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.  
  • Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit. 
  • Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit. 
  • Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
  • Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit. 
  • Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit. 
  • Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss. 
  • Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
  • Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
  • UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit. 
  • Murphy Oil (MUR): Long at $28.69, closed at $27.89 for a 2.7% loss.
  • Las Vegas Sands (LVS): Long at $57.24, closed at $56.53 for a 1.2% loss.  
  • UPRO: Long at $91.94, closed at $96.54 for a 5.0% profit.
  • Alibaba Group (BABA): Long at $105.736, closed at $108.22 for a 2.4% profit. 
  • Facebook (FB): Long at $134.27, Closed at $139.23 for a 3.7% profit. 
  • CDW Corp (CDW): Long at $58.65, closed at $58.91 for a 2.7% loss. 
  • Redhat (RHT): Long at $82.41, Closed at $83.53 for a 1.4% profit. 
  • Ambarella (AMBA): Long at $57.15, Closed at $55.52 for a 2.8% loss. 
  • Alibaba Group (BABA): Long at $104.73, closed at $106.05 for a 1.3% profit. 
  • Broadcom (AVGO): Long at $218.63, Closed at $222.71 for a 1.9% profit. 
  • American Airlines (AAL): Short at $44.76, Closed at $44.03 for a 1.6% profit.
  • UPRO  (Day-Tade): Long at $95.35, closed at $96.50 for a 1.2% profit.
  • OZRK: Long at $56.12, closed at $54.69 for a 2.5% loss. 
  • FNSR: Long at $34.25, closed at $34.70 for a 1.3% profit. 
  • UPRO  (Day-Tade): Long at $96.92, closed at $98.03 for a 1.2% profit. 
  • JP Morgan Chase (JPM): Long at $87.21, closed at $89.67 for a 2.8% profit. 
  • Chevron (CVX): Short at $110.03, covered at $111.85 for a 1.6% loss. 
  • Flex Technologies (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit. 
  • Baidu (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit. 
  • Ollie’s Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss. 
  • Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit. 
  • Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit. 
  • Marriott Int’l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.