SPX Breadth Thrust? - Another nightly newsletter / video I watch called out a potential breadth thrust incoming. A thrust like the one we got to start the October rally, but way more rare because it happened so close to the top whereas they typically occur close to major bottoms.   Are you guys seeing the same thing?  Again, not triggered yet, it just looked like a possibility in the near term....according to the guy making the presentation.

Would be a strange place for it, but it also wouldn't surprise me because the Gov is ALL IN on spending and is not going to let up until after the election...I personally don't think they can let up at this point until something breaks - they've gone past the point of no return. 

I've been with IBKR for about 20 years.  The customer service and platform leave a lot to be desired, but if you know what you're doing, it's worth it for the price and access to so many markets. If I had a simpler, just a couple of personal accounts kinda thing going on, I would probably be with TastyWorks....but I don't think they're international yet.

You can link your IBKR to other front ends, like TradingView, for better trade functionality. But it's only good for simple trading. If you're buying and selling complex option spreads, I think you're basically stuck with the platform (unless you're a coder and can program your own front end....not as hard as it used to be now that we have generative AI).  IBKR does have some templates available in their API section. 

IBKR - "Clients in over 200 countries and territories trade stocks, options, futures, currencies, bonds, funds and more on 150 global marketsfrom a single unified platform . Fund your account and trade assets in 27 currencies"

Everything is moving after the spending bill   

This alert came in about 25 minutes ago. I'm still testing these alerts on various time frames with different settings.

*This particular one would be a "buy stop" or a "cover short"....once I label it correctly. 

The backstory for today's rally:

QQQ - Monthly (Log)

QQQ - daily with SMA levels

Cramer says market should go higher first before going lower...so we're good. 

HYG -  the STS system has a hair trigger on this one going long!  

**I called it out last time it went long also, so at least I'll be 50% right if it ends up being a good call this time (I doubt it, but you never know!!)   

TikTok ban is hilarious - TikTok is threatening to sue over free speech violations and many Americans are losing it...including Elon Musk. Meanwhile, China doesn't allow American social media or Google and their version of TikTok's algorithm is wildly different than the one American kids are exposed to (wholesome and patriot programming vs completely the opposite). American Lemmings fighting to be allowed to be led off a cliff. 

Totally   

   - I upgraded one of my laptops to 64 GB RAM today. About an hour after I was done I smelled something weird.  Smelled sort of but not really like something burning, so of course I assumed I screwed something up in the laptop and went into panic tear down mode.  I got it apart (after bending the frame a bit because I was in panic mode) but didn't see anything really out of place, melting, burning, etc. I put it back together, turned it on and went outside to reset my smeller. I came back in and there was still a weird smell...but then I noticed it was stronger when I turned towards the kitchen from the dining room. Well, it turns out that the AIRBnB I'm staying in has a gas stove (I'm used to electric) and it was on with no flame!! Problem solved, but holy crap     

Tagged the trendline to the penny and rejected...for now. 1st attempt typically fails. 

My thesis has been that the market was frustrated by the Gov's inability to get Israel and Ukraine funding passed. Look at when the rally REALLY got moving back in the fall...right when Israel went into Gaza and the US passed the bill to fund their war. Market has another huge chunk to work with now...

Broke the channel on the 15 if redrawn from the 16th forward. Still work to be done in the longer TF channel. 

NVO -  probably a scalp short here, but I'm going to take a shot long if it pulls back to session VWAP.  $124.40 would be a perfect bear trap area and it's just above VWAP.

Now that I think about it, its pretty dumb of me to think that Fed Gov spending is slowing when they just passed a massive spending bill over the weekend. Much of that will flow to big tech through direct and indirect Gov contracts. Also, no change at the border which means continued huge off budget / deficit spending. 

Earnings - I seem to remember that weeks with big tech reporting in a downtrending market will typically run up right before or right after the reports and trap eager bulls. Often vicious traps.  This action right now feels like attempting to shake off the weak bull hands before the run - which is likely an ill fated run but could still be very profitable for traders. Market will always try and trap on both sides to the greatest extent possible.
*My assumption is the big tech earnings will CRUSH. Why wouldn't they since their biggest customer is the Fed Gov and they are not price sensitive?  The question is whether Gov spending is accelerating or flattening out. My guess is that the acceleration is at least slowing.  

Looks good. 2.5 Risk Reward to what looks like a conservative target. 

SPY Point of Control