We Haven’t Touched the Bottom
Dear Profit Takeover reader,
We are seeing a little rally in the market today –
SPY is currently sitting at $400.12…
And I talked with no fewer than 3 other top Money Morning Live experts, and they all agreed we could see this rally through to the close today…
Voz found support in the volume profile –
Garrett thinks we could see the market up until Tuesday –
And Brian King saw confirmation in his candle charts…
Two of my top indicators – besides volatility – are AAPL and UUP…
AAPL is the last bigcap horseman that hasn’t fully given up –
It’s currently trading at $146.66 –
On the other hand, UUP is heading lower – now at $27.94…
And one determining factor of seeing a market rally would be to see the dollar soften…
I still want to see several days of a market rally to believe the bearish trend is over…
And VIX hasn’t fully given up –
VIX is now at 29.58…
But I do think VIX is heading lower – and I shared a put “riff” to consider during today’s Profit Revolution show.
I think we may see a squeeze in the market, then another dip lower before we see the true bottom…
But no matter what the market is doing – as traders, we can profit either way.
If you’re curious about cheap options trades or expiration trades…
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Until next time,
Mark Sebastian
Founder, Profit Takeover
Come Meet Me Next Week
I know you want to hear more dad jokes in person…
The entire Money Morning Live crew and I will be in Chicago, IL on May 19-20, 2022.
We are hosting the first Money Morning Live Summit – NEXT WEEK
Find out more right here.
Hope to see you soon on May 19-20, 2022 in Chicago, IL.
NEXT WEEK’S SCHEDULE (ET)
We will be at the Money Morning Live Summit.
Get your ticket and I’ll see you there.
TODAY’S WATCHLIST
- Apple Inc (NASDAQ:AAPL)
AAPL briefly broke $140 yesterday but is now rallying with the market…
It’s now trading at $146.66 –
Image from wallstreet.io
AAPL still has a lot of work to do to hold $140, and could fail…
It will likely hold for the next few trading days as we see this short rally in the market –
Next week, we could see a drop.
- Uber Technologies Inc (NYSE:UBER)
UBER has been trying to break above $25…
It is currently trading at $24.23…
Image from wallstreet.io
This will be one to watch into next week.
- Invesco DB US Dollar Index Bullish Fund (NYSEARCA:UUP)
UUP might be trying to soften today…
It’s trading at $27.94 now –
Image from wallstreet.io
The market seems to be rallying as the dollar drops…
UUP falling is one major indicator of a potential market rally.
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May 13 2022
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