From the book: Trade Like a Stock Market Wizard

• “I never go against the long-term trend.”
• “You can’t predict the market any more than you can predict where the ball will drop during the next spin of a roulette wheel.”
• “...I would never bet on my fundamental ideas alone without confirmation from the actual price action of the underlying stock.”
• “Let the strength of the market tell you where to put your money, not your personal opinion…”
• “Markets are far more often correct than are personal opinions or even expert forecasts.”
• “If the stock doesn’t act as expected, that’s a major red flag.”
• “A stop-loss regime is essential.”
• “Inevitably, however, a good stop-loss practice will shake you out of some winning stocks.”

Another impressive rally in stocks pushed the S&P 500 to a fresh closing high, up 18% year-to-date.

 

So-called quadruple witching options expiration tomorrow could yield some early volatility.

Max, 10 weeks old. Yesterday was his first time out behind the house, waking by the river.

"Recap June 19"

The Fed didn’t cut rates, but price action suggested they may as well have. Most notable was another panic bid in short term Treasurys, as the two-year yield dived lower by 11 basis points to 1.74%, down from 2.39% two months ago.  Stocks enjoyed a late lift, with the S&P 500 drawing closer to its April 30 peak, and gold continued its hot streak by pushing to $1,360 an ounce, its highest since July 2016.  The VIX reversed early gains, falling 5% to 14.3.