Jerome and Janet

It's the macroeconomic power couple, the double J, the dollar and the coin, the printer and the paper... it's Jerome Powell and Janet Yellen! The Federal Reserve President and the Treasury Secretary were like Stockton and Malone yesterday, working together to dunk all over the bears. First, the Treasury announced increased Treasury auctions and then the Fed slammed it home by not raising rates, not forecasting a recession, and not saying they were going to raise rates again.

The point today is primarily this: don't step in front of a runaway freight train. Especially when that freight train controls all of the money in the world and you... do not... so be smart. There's no shame in hopping on the trend, even if you're late to the party. There is lots of shame when you keep trying to fade the trend and it's physically and emotionally taxing. If you're sweating and your heart rate is up when you're in a trade, you're probably not in a good trade. Take it from an expert on bad trades, been there and done that too many times in the past.

The powers-that-be clearly want to make sure that stonks only go up. This is a time-honored tradition going into election years and we are reaching a seasonally strong part of the year. Times like these when we have a lengthy downtrend and you start to get a relief bounce or a rally, you have to know when to adapt and get into a new mindset. I always remind myself of something someone once told me--you don't need lots of volume to go up, but you do need volume to go down. In other words, if you're seeing declining daily volume in an uptrend, don't automatically assume it means it's a bear flag. The market is built to go up, don't fight it when it decides it wants to.

Here are today's NQ levels:

Current Price: 14920

Upside Targets: 14955, 14996, 15046, 15074

Downside Targets: 14906, 14865, 14818, 14782

Stretch Targets: 15125, 14740