Good Morning Friends.

This morning the futures are fluctuating back and forth between a slightly positive to slightly negative open after closing yesterday and new record highs.  There seems to be little to no interest in profit taking before the holiday at this point however, we will have several economic reports today that have the potential of moving the market.

After the morning rush, I would expect to see volume drop like a rock although we could see a little activity right after the FOMC minutes are released.  My plan is to manage the positions that I’m in and work on watchlists today.  Anything is possible but I think its unlikely I will be sending out new trades today.

Of course, the market is closed on Thursday and Friday it will only be open half a day with very light volume.  Due to the holiday RWO will be closed both Thursday and Friday so there will not be morning videos or an open RWO room both days.  We will get back in the saddle on Monday and hopefully the market will remain bullish.

I wish you all a safe and Happy Thanksgiving.

Trade Wisely,

Doug

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Good Morning Friends.

As turkey day draws near the market continues to climb with the Dow leading the way.  The DIA, IWM, and the SPY have all made new record high levels but the QQQ has yet to do so.  Looking at the chart I suspect it will catch up and print a new record high soon, possibly even today.

WE have existing home sales on the economic calendar at 10 eastern time today .  This number in the past proven to move the market so wait and watch for the reaction.

There is little left to say this morning except we could easily see volumes dropping today as may traders will likely head out early for their holiday plans.  The market is bullish so it’s okay to get long but I would use caution about getting too long ahead of the holiday.

Trade Wisely,

Doug

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Good morning traders.

It is always nice to travel but after being gone for a week it’s also great to come back home.  Last week was a crazy week with 4 AM wake up calls and long days at the show but I wouldn’t have missed for the world because we had the chance to talk with so many wonderful people interested in trading.

I have to admit I was surprised to see how well the market held last week.  I have been expecting a pullback but it appears the market is so bullish that a consolidation may be all that we get.  I have quite a few charts of interest that I will be watching for potential trade entries so keep an eye out for the alerts.  I also have to acknowledge the potential of a light volume week with Thanksgiving on Thursday and the FOMC minutes just the day before.

It’s great to be home and getting back into a routine.  The RWO room will be back open today at 11 AM eastern so I hope to see you all there.

Trade Wisely,

Doug

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Good morning everyone from the Las Vegas.

The last day of the show so Monday everything will return to normal operation Monday morning with morning videos and in the RWO room we will crank it up and get back to training.

The market sure has a way of keeping us humble.  Yesterday I suggested that further pullback was possible and that financials being so overbought could lead the way.  As you know it turned out just the opposite with the market closing up and financials led the way.  This morning Dow futures are just slightly lower suggesting a little weakness at the open but Friday’s have tended to be pretty positive of late.  The one thing tossing caution into the mix today is that it’s option expiration day which means anything is possible and the price action can be a little wild.

I know it’s tempting to chase right now but would encourage you to not do so.  We all know that stocks will retrace in due time.  Chasing is a bad business and can get you in just before the pullback putting in you in a losing positions right from the start.  At times like this it is far better to maintain your discipline and wait for the better entries.

A few charts that are setup to move.  ANF, TSCO, TTWO, CARB, AGX, VSTO, SWKS, BMY, AMKR, PCRX, GIII, ZOES, EDIT, VHC, RT.  There of course are many others that loop pretty good but to be honest yesterday was so busy I didn’t get nearly as much tome to look at charts as I would have liked.

FYI; there is no video attached to this email because we are at the money show in Las Vegas. Videos and normal operation will return next Monday. Thank you for your understanding.

I wish you all great trading today and an awesome weekend.  See you Monday!

Trade Wisely,

Doug

Good morning everyone from the Las Vegas.

As I have been watching the futures this morning it seems the market is searching for direction.  Clearly the Trump rally continues to keep us overbought for the very short term.  If you haven’t taken any rally profits as of now I would sure be thinking about that this morning.

A few stocks that have really good setups this morning are TSCO, BMY, CPB, CORE, GIII, IBM, BBY.  Keep an eye on AMD, SQ, PAY and ANF.  There are many, many more that could setting up when and if we get a little more pullback or longer consolidation.

I would keep an eye on the big banks.  So many of them seem to have really over extended.  A pullback in this sector could be the signal of further profit taking.

Make no mistake I am all kinds of bullish and believe the market has made a fundamental shift that should provide much better trading the months ahead.  Continue to prepare by building and marking up watchlist charts.

FYI; there is no video attached to this email because we are at the money show in Las Vegas. Videos and normal operation will return next Monday. Thank you for your understanding.

Have a fantastic day.

Trade Wisely,

Doug