(Still) Stuck in the middle with you

Weekend Market Update May 12, 2023

The Markets

This was the title of the market update written on March 24, 2023. Very little has changed since then. Stretching the view out for almost a year doesn’t help much.

• SPY close May 17, 2022 = $408.57

• SPY close May 12, 2023 = $411.59

The market is doing its very best to exhaust its opponents. In the words of Brian Shannon,

If they don’t scare you out, they will wear you out.

That’s what many feel like now. The tiresome cries may sound something like this.

• If the SP500 could just get over $4200…

• If breadth would just improve…

• If it wasn’t just 9 or 10 stocks holding up the whole market…

There is only one option. Adapt or die.

Too much trading in the wrong environment leads to mounting losses. Losses of capital and losses of mental stamina.

So what can you do?

• Wait it out and hold your positions

• Identify that that market type doesn’t fit your approach and then trade a more suitable style

• Get away and wait until there is a resolution

Whatever your choice, it will require patience.

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The Charts

Only 2 charts today. One showing ‘no change’ and one showing ‘change.’

SPY is basically flat for one year.

DXY The US Dollar has perked up for two days, presumably in response to the ridiculous .gov dance about the debt ceiling.

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The Closing Bell

A few weeks ago during the CMT Associations 50th Anniversary events, several officers and board members were invited to ring the Closing Bell at the NYSE.

A wonderful honor. Watch the video here. Bell ringing video

And have a wonderful evening. Weekend Weekly charts will be on my Twitter feed in the morning. I hope to see you there.

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***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.

Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC.  All trades placed by Mr. Moss are done through T3TG.

Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.   

It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed.  This may reflect the financial or other circumstances of the individual or it may reflect some other consideration.  Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.

All investments are subject to the risk of loss, which you should consider in making any investment decisions.  Readers of this article should consult with their financial advisors, attorneys, accountants, or other qualified investors prior to making any investment decision.   

POSITION DISCLOSURE

May 12, 2023, 4:00 PM

Long:  ENVX, ENPH

Short:  

Options symbols are denoted as follows:

Ticker, Date, Call/Put, Strike Price

Example: VXX1218C30 = VXX 12/18 Call with a $30 strike