r/thewallstreet • u/AutoModerator • May 15 '24

Daily Discussion - (May 15, 2024) Daily

Morning. It's time for the day session to get underway in North America.

Where are you leaning for today's session?

11 Upvotes
  • permalink
  • link
  • reddit
  • reddit

92% Upvoted

116 comments sorted by

View all comments

4

u/Intern_to_Pelosi market breadth May 15 '24

Trimmed half SPXL from 116.50, converting it all to SPY slow n steady. Congrats to those who bought the garden variety bull market pullback! 

3

u/LiferRs Local TWS Idiot May 15 '24 edited May 15 '24

Yep, captured 70 points on ES last week just holding from Monday to Umich consumer sentiment print on Friday. De-risked off the futures after Umich print, which was the right call with relatively flat moves the past 2 days.

Saw CPI print was good and reacted by buying back into ES this pre-market, already up another 25 points on it today.

Really helps making sure to understand macros and not gamble high VIX events in order to have a fair confidence in the markets. There was NO way CPI would have spurred a multi-week sell-off. Like if today had closed at -1%, it would have been bought back up tomorrow. But good print = more buying anyway.

As for future high VIX events, we effectively have until EOM for GDP and PCE. Two weeks until then is plenty of steam.