Good Morning RWO it’s hump day!
Yesterday we saw the bulls make another push toward the big round number of 20K, closing less than 70 points south of it. Our option positions. as well as the stock positions that I have been covering. are all doing quite well. Although common sense would suggest a pullback is in order, there is no evidence in the current price action of the indexes pointing south just yet. As I always suggest, following price action is better than trying to predict.
Today we have housing and oil numbers that could move the market so keep any eye on the news at 10 AM eastern time. From here on until the end of the year we should expect light volume choppy price action after the morning rush that normally lasts 30 minutes to an hour after the open.
This is a great time to build watch-lists and refine them. For those just beginning work on the patterns you intend to trade, goals, risk tolerance etc.. Manage the positions that you are in but it’s time to slow down on entering new positions. Be very picky.
Have a profitable day.
Trade Wisely,
Doug
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