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Here we are in yet another week of the coronavirus pandemic and its impact on nearly every aspect of our lives...
The markets are clearly no exception as volatility continues to shake up not only the stock market, but also the bond, oil, and currency markets - the four areas that I look at to gauge where we are and where we're headed.
Now as you may know, I start out every Monday by looking at the S&P 500 ETF (NYSEArca: SPY). While it came down on Friday, we were able to see a big bump up on Monday.
One reason behind this is some of the positive news that came from New York Governor Andrew Cuomo about the situation stabilizing a bit in that state, which could lead to more investors getting back into the markets.
Of course, as has been true since this trouble started, you can't trust these rallies. Once that buying happens, the "smart money" will sell that enthusiasm because the reality of the situation is likely worse than the numbers indicate.
Moreover, Q1 earnings are going to be reported this week and will likely have an impact on the markets going forward.
About the Author
Tom Gentile, options trading specialist for Money Map Press, is widely known as America's No. 1 Pattern Trader thanks to his nearly 30 years of experience spotting lucrative patterns in options trading. Tom has taught over 300,000 traders his option trading secrets in a variety of settings, including seminars and workshops. He's also a bestselling author of eight books and training courses.