A Midsummer Chop's Dream

I must say that it seems that more than 2/3 of the battle in trying to emerge from this summer in one piece, so to speak, is in forcing myself to slow down even more than I want to. To be sure, I would love to give Members a constant stream of action in terms of endless trades on a daily basis. And many services do just that in an attempt to create the illusion of accomplishment. But as they are finding out, this sort of market compels most of us to significantly ease up on the gas pedal because the market itself is dazed and confused as to what the true menace is--Inflation, recession, any number of black swans, WWIII, or a new bull run? 

Hence, simply not overdoing it is at least half the battle, and in my estimation likely much more unless and until we see meaningful progress above or below the recent range. 

On that note, the updated QQQ daily chart, below, shows us that even with the opening strength this morning bulls are still having issues clearing $290 upside. That seems like a bare minimum level to get the ball rolling for a rally before we even consider some of the more serious levels above $300. 

Some of the downtrodden software names look to be out in front of the tape so far, in the IGV ETF. We will be keeping an open mind to some relative standouts with Members should the relief rally continue into next week if the midsummer chop takes a break from its own mischief.