New All Time High

July 10, 2024

The other day I wrote about news outlets selling fear, they do so in the markets too. And I am not a fan. There are no guarantees in the stock market, there just aren’t. But there are continuation patterns, breakouts and new trends. Many charts are showing that right now, today was a “Green Day” for sure. Tomorrow everything could change and we go south, only time can tell that, and that is why Trade Management is so important.

Numbers are important too. SPY broke up over 560 today for the first time ever, thus creating a New All Time High #Again…….That places the S+P above 5,600. The SPY is the ETF of the S+P ( otherwise known as SPX ) and trades at 1/10th the value. If you are an Options trader yes the SPX ( S+P ) is 10 times the cost of the SPY but you also receive greater tax benefits from trading it rather than the SPY ( talk with you tax advisor if you want details, I’m not one ) You also have more options trading the S+P than the SPY, it will have different symbols attached to it, your trading platform will list those.

If someone had told you 2 weeks ago that NVDA is creeping up on making a new All Time High would you of believed them? This is a daily chart of NVDA and it looks to be forming another Cup with Handle here, granted not as long of a base and the angle of the trend shifted from 30 degrees to 45 degrees ( we like 30 better ) but for now it’s shaping up to that, unless of course it turns out to be a Double Top which would signal a downturn. Myself I’m going with the A Option for now of a continuation. It’s like De Ja Vu here with what we just saw with AMZN hitting 200. Right now the NVDA JUL 19, 2024 140 Strike Call Options are sitting up above 80,000…. The Puts however are only at 6,700…. It did hit 140 once as you can see, anything above that will be a New All Time High… Anyone betting against it?

Invest wisely, live charitably and be well

Brother Bill

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