US Downgrade, 3-5-10% Pullbacks But Still Bullish on S&PHappy Sunday!!!
US Futures open lower after Friday's close and Moody's downgrade.
Last time this occurred in 2011, the S&P dropped around 10% from the "news."
This is all interesting timing but I'm still liking pullbacks for opportunities to position
bullish in the US indexes (S&P, Nasdaq, Dow)
Because the melt-up continues to run (US/China gap last week and drift higher), I'm trying to stay patient for a pause or pullback
Trump and Bessent are still chirping about Tariffs and a government "detox" so a round of trade war related news may help calm the market's red hot advance post April 7 lows
I'm selling calls on owned positions for income. I'm waiting for more favorable levels to add new positions, but within 3-4% of all time highs for the S&P and Nasdaq I don't think anybody will be surprised to see the all-time highs revisited in the near to medium-term
Let's have a great week - thanks for watching!!!
-Chris Pulver
