Good morning everyone.
The run up after the election has been truly amazing but it is now getting overextended in the short term and we should not be surprised if the market begins a pullback soon. Make no mistake I am not bearish on the market, as a matter of fact, I have not been this bullish for more than a year. If and when we get a pullback should be the time when the very best trading will be available. We will be able to get in with stop loss orders very close to minimize the risk and for the first time in a very long time have an actual bullish trend in the overall market. So be prepared for a lot more trading if that does come to pass as I’m expecting. Keep a close eye on the QQQ, with the troubles it had last week it could be the clue that gives us a heads up to the beginning of a pullback and be the leader down.
This week keep an eye on the economic news. There are a bunch of reports mid-week that have the potential to really moving the market around. There are also Fed members out speaking every day this week and as you know they can really make the market react wildly at times.
I am leaving for the airport this morning and will be at the Money Show in Vegas the rest of the week. That means I will not have the ability to conduct the 2-hour RWO sessions every day. They will resume next Monday.
The Morning Thoughts will be in text version only because I will not have the ability or the bandwidth to make and produce videos. I highly recommend logging in the RWO members page every day. You will find the text version under the Morning Videos tab.
Any new trades you will find them posted under the Trade Alerts tab in text version only. Please go there every day to check for new trades. All the trades this week will have to be planned at night. I will not have the benefit of watching the market open or seeing the pre-market activity. Each of you will have to manage any new trades as you see fit as I will likely not have access to the market from the show floor to be able to monitor the trades intra-day. I, of course, will review all trades in the evening and post updates as necessary.
Have a fantastic week everyone.
Trade Wisely,
Doug
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