Good morning everyone.
After the overnight temper tantrum, the market decided to embrace the leadership change in a big way with an unbelievable rally. That exuberance seems to still be in play this morning with the futures pointing to another gap up.
Right or wrong I am going to maintain my discipline and avoid chasing stocks that are already very extended or those challenging resistance. In years past I would have jumped into trades thinking, I was avoiding the pain of missing out only to step in right before the pullback where the cost my capital was the greatest.
There are a lot of good looking charts so I recommend sticking to your rules and avoid taking an unwarranted risk, it will settle down. I do however think we are seeing the beginning of a fundamental change in the market that is very exciting. I expect we will soon be doing a lot of trading. Watch your email for possible trades.
Trade Wisely,
Doug
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