Yo Pit Crazies,

Too afraid to make the call?  That is what our very own Frank Gregory will do for you every Sometimes the market does not move. It’s so paralyzed by what might happen that traders take their money and run home. 

Debt ceiling talks, FOMC minutes, NVDA earnings, and heck, even Warren Buffett sold his Taiwan Semiconductor Manufacturing Corp (Ticker: TSM) lately. I wouldn’t call him a fraidy cat … just looking for something better.

A 17 VIX means will should still move 1% a day in the SPX. Not today, it appears, as events take a hold over the market.

What will happen after the events come to pass?

Generally, Lulls Precede a Rally

Most of 2023 has been a narrow rally in less than 10 names. Nvidia Corp (Ticker: NVDA) is one of those names reporting on May 24th. 

Also on the 24th are the FOMC minutes, and traders are looking for some clues on rate direction. I think the Fed has one more rate rise in them, and then see what the knuckleheads in Congress and WH does.

Coming out of low volume times, unless there’s a disaster, stocks historically rally – or at least in the 30 years I have been doing this. SPY Jun09 430 calls are $1.00. 

Remember, the rest of the market needs to participate, and some sanity from Uncle Sam will go a long way.

To Your Trading Success,

AG