Good Morning traders!
There is no doubt that this has been a very boring market with very little we can do until the market finds some direction rather than this sideways chop. Perhaps is will now get going with earnings starting to ramp up and the big techs beginning to report. We are going to need the techs to report well and allow the QQQ to lead the DIA and SPY out of this tight range.
We have PMI and housing sales this morning beginning at 9:45 eastern. Although these reports do have the ability to move us around if there is a surprise but I wouldn’t hold my breath expecting that today. Yesterday Trump told business leaders he will be able to cut regulation by 75% which most business would see as a very positive move in the right direction but they are reserving judgment until they see the details. if some of those details do begin to come to light it could really begin to move the market but hold on it could be a bumpy ride and ah big dose of volatility will likely come along for the ride.
I plan to move slowly this morning only managing the current positions I’m in but waiting to pass judgment on new positions until I see some overall all market price action improvement.
Trade Wisely,
Doug
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