Last week I suggested that the 4-week rangebound nature of the main indices would be likely to be broken soon … and they duly were on Thursday.
Now this was mainly common sense through experience rather than some sort of mystical capabilities!
– Last week was the first after the summer holidays,
– The indices were already near the top of their ranges.
– The Dow and S&P OVIs were marginally positive, and certainly not negative.
– Earnings season was done but good performance had gone unrewarded.
What does this mean for the next few weeks?
Well, continued volatility is likely but it is highly likely that there will be an increase in highly attractive tradeable setups that will form due to post-earnings consolidations.
When you see the OVI Dashboard pies for trends and flags, they’re currently small which means a low number compared with the previous 12-months.
August demanded patience, but now we’re in the post-earnings environment, and as you’ll see during today’s market review there are some constructive setups forming … and as ever I’ve included a couple of “nuggets”!
And of course it’s paramount that we always follow our plan, and we always focus on our preferred patterns. This is what gives us our edge, and it’s heartening to see several newer members who’ve truly seen the virtue of that in recent weeks.
While writing, please remember that very soon I’m going to make all of our trading lives easier with the deployment of new technology, new research and new filters. I’ll give an update on that in the next couple of weeks.
Today’s review is shorter than usual, and includes setups that we’ve been monitoring recently, plus some simple FlagTrader filters.
PS. If you’re interested in any of my OVI trading services for stocks or options such as a fast-track mentorship or workshop event, book yourself an appointment here to speak with one of my trusted team. Many of my members aren’t aware of all the services I offer to help you become an established consistent winner with the OVI. Remember, everyone is an individual, and I ensure that I can cater to you and your particular needs.