$SPY With The PM Bull Trap

Oh, that $SPY run into the close during yesterday’s session, was a classic move by the boys on the Street. In fact, they continued “selling” the move throughout the morning’s PM session.

The bull trap was laid out nicely. The 9:30 bell rang and sell orders could fill fast enough. $SPY did a bit of cliff diving. Hmmm, what happened to all the economic optimism being pushed? What, is the second round of COVID-19 cases beginning to worrisome? We can’t be anymore sarcastic here.

But in all seriousness, how many overnight bulls got their a$$es handed to them?

Sectors are bleeding across the board. Utilities are taking the lightest hit, trading down -0.77%; while Financials have gotten “punished by the FED. They’re wrapping up the bottom of the list, trading down -3.44%.

The second half of this charade should be an eventful one, as we’re seeing the “reversal” get underway.

It’s Friday. It’s summer. Go out and get some sun!

Our top 10 Smart Money Movers are:

$BIG trading up over 26%
$CLGX trading up over 25%
$BA trading down over 2%
$NKE trading down over 5%
$CRWD trading down over 5%
$FB trading down over 5%
$GS trading down over 6%
$NVAX trading down over 7%
$COF trading down over 8%
$TBIO trading down over 18%

 

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