I don't know about all of you, but I feel uneasy right now. The Dow has closed higher the past 10 days (looking for number 11 today, but it's going to be close) and the S&P 500 closed higher the last 11 of 13 days.
The markets are doing great right?
In the back of my head a little voice is screaming BE CAREFUL. I have been having this conversation a lot with the Mavens on Marketfy about what they think will happen.
The overall consensus is this: we are in a trend right now and "The Trend is Your Friend." Until it isn't.
As the saying goes, all good things must come to and end. This market is no different. We are just waiting for that catalyst that will give us a correction. And the bigger "they" are, the harder "they" fall. So be prepared.
My good friend and Marketfy Maven, Dave Moenning of the Daily Decisions newsletter wrote this earlier today:
Do you think we are overextended here in this market? Or do you think we will continue the trend? Let me know your thoughts via email - Kyle@Marketfy.com.
If it is the third Friday of March, it means it we've got a quadruple witch options expiration event on our hands. So, with the Dow gunning for an 11th straight up day and the S&P looking to join the new all-time high club, it looks like we might have a battle on our hands today. Our bet is that there will be sell programs sitting at 1565.15 on the S&P 500. However, we also believe that if the index can move beyond that level in a meaningful fashion, shorts will cover and buyers will come in.
Have a great weekend everyone and trade well.
- Kyle Bazzy
President @ Marketfy.com & Benzinga.com.