Arete Trading Weekly Report

🔥Stocks set up for higher prices 📈

Stocks are setting up for higher prices after yesterdays reversal in the indexes. Most notably was the buying in names such as ROKU ,UPST,AFRM and PYPL. Not only are investors buying certain names but they are also covering their massive gains in short positions. It started quietly and then become constant during the trading session. Usually large reversals such as Tuesday lead to a possible test of the low of that day. We did not even come close to that today. This shows unusual strength which can only be seen by large funds buying equities. Both the SPY and the QQQ rallied back over their respective moving averages and wedge lines. Even IWM closed over the 200 day moving average. The best case scenario was simply to trend a little higher and build some support and range. We saw that today. We continued to see buying in the semiconductor space. LRCX broke out of a year base today. Other semiconductor equipment makers look good as well. Look at AMAT. We are seeing this sub sector that has been basing for a year start to get attention. This VIX collapsed below 20 today. This makes options more attractive then they have been in two weeks. This will add to volatility. Most institutional traders slow down buying calls when the VIX is over 30. When they start again the delta of the stock picks up and the option market maker needs to hedge that. Therefore increased buying. Tomorrow Jobless Claims released at 8:30 am. The forecast is for 215,000 Also the CPI comes out Friday at 8:30 am. The forecast is .5% Both of these could affect the recent rally. Continue to be cautious but with the recent rally, selling off of safety asset and demise of the VIX we are looking more bullish.

Let’s Look at our Indexes

Let’s Look at our Stocks

With the market acting better and stocks developing the Buy list will increase.

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