Good Morning on the last trading day of 2016!

It would seem that we are going to begin the last trading day with a little bullishness at the open which is a bit surprising given the Russian sanctions that Obama delivered yesterday.   I guess cooler heads will prevail and perhaps we can move into a new administration without the old creating a conflict on the way out.

In the economic news, the Chicago PMI number at 9:45 eastern but that is unlikely to inspire a surge of trading worth attention.  Volumes will be extremely and expect choppy action this morning the will likely turn positively dead by the afternoon.  The bond market will be closed at 2 PM eastern and I plan to be headed down the road on a short winter motorcycle ride at about the same time.

It has been a great year and I would like to thank you all for sharing it with me.  I have great expectations for 2017 and think the trading will be fantastic.  I want to wish everyone a fantastic weekend and Very Happy New Year!

Trade Wisely,

Doug

Click Here to Watch the Morning Video

Good Morning Friends!

Only 2 more trading days left for 2016 and I think we can expect the trading year to end with a low volume whimper.  It is possible we get a surge of energy this morning due to 3 economic reports, international trade, jobless claims and Petroleum status report.  If I were to bet the one most likely to have the power to move the market today it would be the report on the oil.

Yesterday was honestly a bit of a surprise to me but at the end of the day, there was really not much damage done, however, if there happens to be follow-through to the downside today with some energy then we would have to admit that the bears have taken at least short term control.

As always it is best to first manage the trades that you are in before considering any new positions.  I don’t want to say never but it is unlikely that I will be making any new trades the rest of the year.  Volumes are weak and will continue to weaken so I will reserve judgment on positions when volume return sometime mid next week.

Again I will say if you do plan to trade, consider smaller than normal positions and plan to take profits quickly because a low volume market can shift very quickly.  Do some thinking about the year ahead and how you could make adjustments to improve your trading results.  Planning time is never a waste of time.

Have a productive day!

Trade Wisely,

Doug

Click Here to Watch the Morning Video

Good Morning RWO!

Futures are so a little positiveness this morning on the back of some good oil news.  Could today be the day we finally make a run for 20K?  Only time will tell.  This morning we will get numbers on pending home sales but unless it comes out with a big surprise I don’t expect to move the market much.

Rick had to put his mother into hospice care yesterday.  If you have ever been through that process you know it is exhausting.  He will not be around today and I would not be to surprised if he is out for the rest of the week.  Please keep Rick and his family in your thoughts and prayers.

Although we have bullishness this morning and the possibility that the bulls will push for new highs we must also keep in mind that volumes will likely be very light.  I know it’s very hard to sit and wait but over-trading, an anemic market is a rookie mistake you don’t want to experience if at all possible.  If you do decide to trade keep your positions small and be willing to take profit quickly if the market shifts.

Have a fantastic day!

Trade Wisely,

Doug

Click Here to Watcht the Morning Video

Good Morning Traders!

I hope everyone had an awesome Christmas and that Santa Claus brought you everything you were wishing for.  The last 4 trading day of the year are likely to be very choppy and anemic on volume.  Although, we have some economic data this morning it’s unlikely to inspire much activity this morning because so many of the big trading firms are simply on vacation until the 1st of the year.

Of course, there is always the chance that stocks could produce good entry signals but the chances of them really making a substantial move are unlikely.  As for me, I will always be looking for good chart setups but as far as entering new trades that would be questionable.  I will, however, move forward with trade plans so that I can be prepared to enter them when the volume returns.

Have a great day!

Trade Wisely,

Doug

Click Here to Watch the Morning Video