At the time I am writing this article, it is 7:20 AM, Monday, June 19, 2017.
Over the past two weeks, I have been talking about a possible rotation back into the tech sector which has taken quite a beating as of late. Well at the time I am writing this article, there indeed appears to be a large amount of cash making its way back into the tech sector, and that means opportunity.
This morning I bought September 130 calls on QQQ, and I will be watching this position closely.
***To see my latest stock picks click here: https://www.traderschoice.net/money-page--stock-picks.html
It is also important to note that the 10 year-year yield appears to be stabilizing, and this is playing into today's rally with the S&P 500 hitting a new record high. It is also important to note that the US dollar appears to be stabilizing and this is further fueling today's rally.
Another factor playing into the market action today is once again the Federal Reserve.
New York Fed. President William Dudley spoke this morning stating that he is confident that the Federal Reserve will indeed hit their inflation targets in the not so distant future.
What Mr. Dudley's comment says to me is once again that the Federal Reserve will continue to prop up this market.
So let's ride the wave higher my Lions!
Gregory Mannarino
