Good morning Traders!

It was encouraging to see the bull finally push back yesterday afternoon allowing prices to close mostly above support levels.  However, I have to admit that I’m starting to become a little concerned that the bears are gaining some strength.  I think the bulls had better get to work pretty soon or they will fully give control over to the bears for the short term.

Today we have the ADP report before the market opens but it would have to be a really big surprise to move the market.  The big news today will be the FOMC minutes at 2 PM Eastern.  I find it hard to believe that the market is in the dark on what the Fed members are thinking about with them out stumping all the time, but it is possible that the market goes into a low volume chop today as we wait for the report.  After the report, we can normally expect a burst of volatility before settling into a direction.

Futures are once again suggesting a slightly bullish open but as always it would be a good idea not to chase.  Lately, early pops have bee sold into so let’s give the market a little time to settle in before considering additional risk.

Have a profitable day.

Trade wisely,

Doug

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Good morning and Happy New Year!

It looks as if we are going to start off 2017 with a bang!  Futures this morning and pushing sharply higher with the Dow futures suggesting a gap up of 150 points at the open.  All of the folks that put on short positions last week will likely be squeezed out this morning creating even more upside pressure.  The other possibility would be the cruelest of price patterns, the pop, and drop, so please don’t chase into the market this morning.  Let’s give it a good 20 to 30 minutes for prices to stabilize before making a decision on new positions.

On the economic calendar, we have 3 reports.  PMI, ISM, and constructions spending.  The ISM number carries the most weight at 10 AM eastern.  It would be a surprise if any of these numbers come in bad but always remember anything is possible.

I will as always, will stick with the trend until the trend breaks and with the bulls so happy this morning will continue looking for good entries to profit from upside moves.

I always love getting started with a new year of trading.  We begin 2017, hopefully, a little wiser and better prepared.  As the business owner, It’s our responsibility to step up, learn from our past mistakes and make the course corrections necessary to improve.  As Albert Einstein said, “doing the same thing over and over expecting different results is insanity.” It’s all up to you!  Will you reach out for success in 2017?  One of our members Bob C posted this phrase, “it takes a lot of hard work to make easy money.”  My wish is that we all take that phrase to heart.  It’s a new year so dig in, step up and make 2017 your breakout year!

Trade wisely,

Doug

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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

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