To The Moon

By Lawrence G. McMillan There are two major approaches to analyzing markets—technical and fundamental. Most investors are familiar with fundamental analysis. That is the process by which analysts attempt to forecast the future profits of a company by analyzing their market penetration, pricing structure, and other things having to do with the actual operation of the company’s business. Technical analysis, on the other hand, has nothing at all to do with the tangible operations of the company. Rather it is an analysis of the price of the company’s stock. Technicians (practitioners of technical analysis) feel that past price patterns leave valuable clues as to the future direction of prices. Technical analysis can be applied to any price pattern—stock, bonds, futures, and so on. There is mer

$TVIX$ $UVIX$  By Lawrence G. McMillan Several of the major indices ($SPX, $NDX, and $RUT) have made and held new all-time high ground recently. Pullbacks have been small, and it appears that there is still an appetite for buying, despite what might be worries from the Middle East. There is support for $SPX at 7000 (the previous highs). It would not be ideal for the bullish case to see $SPX pull back below 7000, for that would raise the possibility that the upside breakout was false. But, if it did, there should be support near 6750 and then stronger support near 6600. Equity-only put-call ratios continue to decline at a rapid pace. There have been several days recently where call buying was hea

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on April 20, 2026. https://www.youtube.com/embed/kvHxFKmQyiA$GOTU$ 

$CVB.AU$  By Lawrence G. McMillan The major indices are on a roll, with S&P 500 ($SPX; SPY), NASDAQ-100 ($NDX; QQQ) and now Russell 2000 ($RUT; IWM) all making new all-time highs simultaneously. Back in January and February, $SPX made a new all-time high by a few points on several occasions, but it was never able to put together a strong breakout rally as follow-through. Eventually, that was onerous, and the market fell. But now it appears to be adding to the breakout gains, which is a very positive sign. Technically, there should now be support at 7000 (the old highs). It would be disappointing to see $SPX trade back below 7000 now, but if it did, there should be support at 6800, and then at the bottom of the gap near 6600. There is no

By Lawrence G. McMillan One doesn’t often consider butterfly spreads or condors, say, as short-term speculative strategies. However, they can be, if you set them up that way. The main problem with butterflies, in particular, is that they don’t reach their profit potential until very near expiration (unless the strikes are extremely far apart). Typically a butterfly spread is constructed in this manner: Example:Buy 1 XYZ May 50 call @ 6 Sell 2 XYZ May 60 calls @ 2 Buy 1 XYZ May 70 call @ 1 Net debit : 3 points, or $300 The spread has limited loss and limited profit. The maximum loss is equal to the initial debit of $300 paid for the spread. The maximum loss would be incurred if XYZ were below 50 or above 70 at expiration. The maximum profit occurs at the middle strike at expiration, and in

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on April 13, 2026. https://www.youtube.com/embed/swkoOcxjtJE$GOTU$ 

$TVIX$ $UVIX$  By Lawrence G. McMillan After bottoming near 6300 on March 30th, $SPX has rallied strongly. The first stage was an oversold rally that carried up to resistance just above 6600. Then a temporary cease-fire was announced in the Iran war, and the market exploded with a large upside gap. That move overcame a number of resistance levels, and is now testing resistance just above 6800. There are various pockets of resistance all the way up to the all-time highs at 7000. Support is harder to quantify, because that gap extends all the way down to 6615, which should be support. Let's start with the equity-only put-call ratios. The weighted ratio (Figure 3) is clearly on a buy signal, and th

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on April 6, 2026. https://www.youtube.com/embed/6IG13ACEPow$GOTU$ 

$MVB.AU$ $TVIX$ $UVIX$  By Lawrence G. McMillan Volatility continues to be elevated both in terms of realized and implied. $SPX dropped sharply early in the week as various support levels gave way on the $SPX chart. Of primary concern was the violation of the 6475-6550 support area. Eventually, $SPX bottomed on Tuesday, with a low near 6330 which was also a minor low last August. There should also be support near 6200 (the lows of last July). The rally (so far) reached as high as 6610. There are a number of potential resistance points in that area. First is the 200-day Moving Average, which $SPX is now approaching from below. Perhaps more importa

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on March 30, 2026. https://www.youtube.com/embed/Yet5_3y8OjI$GOTU$