Today is one of those days that I tend to lose track of what the indices are doing because they really have no relevance to the trading. As I've discussed previously, there are two basic types of markets - those that are driven by the indices and macro concerns and those that are driven by stock picking.
For obvious reasons, I prefer stock picking, and that is what we see right now. The indices just don't matter too much. The name of the game is to find good charts, good setups, good price action, and tradable volatility.
This sort of action can come to an abrupt end as it did in February, so it is important to be very vigilant, but it also can be highly profitable if you are an aggressive short-term stock-picking trader.
I am starting a new position today in Wheels Up Experience (UP) , which is a broken de-SPAC that has been described as the private aviation equivalent of Uber (UBER) . Raymond James started coverage of the stock today with an 'outperform' rating and a $10 target. The company's membership-based model drives "predictable revenues with solid member retention rates."