Good Morning Friends.
Yesterday we finally saw a little profit taking take place which was way overdue in my humble opinion. Now the question on everyone’s mind is how long will it last and when should we start buying? I wish it was in my ability to tell you the exact date and time but as always the best we can do is wait for the price action on the chart to tell us. Until then relax, watch and avoid the temptation of predicting.
There are clearly so many bullish charts setting up right now if we will have the privilege of being very picky. There is no need to feel pressured or rushed the trades will come to us if we just let them.
This morning we will get a reading on GDP at 8:30 eastern time. The market has a tendency of reacting to this number so keep an eye on the pre-market futures. As I write this they are pointing to a slightly bullish open but that can quickly change depending on the market’s reaction to the number. We will also hear some Fed speak this morning so anything is possible when they begin to pontificate on rates.
My personal bias based on the close of yesterday is for more profit taking to take place but we all know the market could care less about what I expect or want. Have a fantastic day.
Trade Wisely,
Doug
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