Hughes Optioneering Update
Stocks Surge, Bulls Stay in Control
Hughes Optioneering Update May 29, 2026
The stock market as a whole is still incredibly strong, and the overall upward momentum isn’t slowing down. Lately, all the major U.S. stock averages have climbed to brand-new, record-breaking heights, which tells us big-time investors are still confidently pouring money into shares. Taking a closer look at the S&P 500, the market’s foundation looks highly stable as it consistently climbs to higher peaks and finds support at higher floors. Stocks are sitting safely above their long-term average price, and short-term trends are still pacing well ahead of medium-term ones—exactly what you want to see in a thriving market.
We finally saw a quick, minor dip early last week, which gave Wall Street a chance to catch its breath after a massive, uninterrupted run since the end of March. Crucially, investors didn’t hesitate to jump right back into the game after just a few down days, rapidly pushing stock prices back toward those record levels. That brief pause was actually a good thing; it cooled down an overheated market and gave eager buyers a great entry point to get back in. Seeing investors rush to buy the dip so aggressively after such a big rally is a fantastic sign, suggesting this boom still has plenty of fuel in the tank to keep climbing.
One area of the market where I am concentrating my focus now is the Software sector. Earlier this year, broadly, this sector was sold off sharply by investors as a powerful bearish narrative had taken hold. That new A.I. firms and their impressive LLMs were going to massively disrupt these previously thought impervious software giants. This was a broad generalization, and the market took the approach to sell first and ask questions later. This, of course, is where many traders got this story wrong.
While it may be true that some software names will ultimately be disrupted, that hardly means the entire sector will be turned on its head. Now the Software sector is beginning to get constructive once again, as many best of breed software stocks are now starting to break to new highs. One such name that has really gotten my attention lately is Oracle Corp. (ORCL). The stock put in a clear bottom back in April, and since then, the stock has begun to break higher, powering through resistance levels. This is one that we are watching very closely.
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Hughes Optioneering Update May 29, 2026