Sam Weiss

As the market continues consolidating, we outline our plans for Arryn, Lannister and Stark Portfolios. Our plan is to purchase a new hedge soon.

There’s not a whole lot of upside left in the market rally that began on April 7. As such, we plan to reduce long exposure slightly to raise cash for the next correction. We’re going to lose out high risk positions.

The NASDAQ-100 (QQQ) hourly has pushed closer to oversold territory as consolidation continues. If we get more selling in the near-term, we could potentially trade the oversold bounce.

Market has largely brushed off Israel-Iran conflict and seems dead set on testing its all-time highs ahead of late-June or mid-July correction. We’ve also figured out how to play it right.

Even Israel conducting air strike against Iran doesn’t seem to shake the market’s confidence in the rally. The market doesn’t seem ready to pull-back just yet.

NASDAQ-100 comes within a few points of its all time highs as it reaches overbought conditions. Chances are we’ll see a test of those highs in the coming days.

The market continues to consolidate as we reach the median and average number of sessions for an intermediate-term rally. A correction sits right around the corner and likely happens by the end of June or mid-July.

Market has largely recovered after yesterday attempted reversal. As we noted all week, the market seems dead set to test its all-time highs before sustaining any sort of a correction or sharp pull-back. Historical evidence overwhelming confirms this to be the most likely scenario. Fresh all-time highs, surge higher and then correction.