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

Click Here to Watch the Morning Video

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

Good morning everyone from the Las Vegas.

Top of the morning friends.  This run has been extremely hot but we all knew it could not stay like this much longer.  This morning the Dow futures are suggesting a gap down of about 50 points and although its a bummer to see some selling that’s just what I was hoping would happen.  A healthy pullback could and most likely will setup some very good entries.

This has been a very long time coming but I believe the bulls have taken control and will remain in control through the end of the year.  However, because this was and extraordinary run up don’t be to surprised if the selloff seems a bit harsh.  There is no doubt that the market has been fueled up on heavy emotion after the Trump win.  Emotions can switch very quickly and possibly over do it with the selling as well.  Soon cool heads will prevail and the price action will settle down in a trend that personally think will be bullish.

I think today the best thing to do is manage the positions that you are in and avoid adding new risk.  Again this is exactly what needs to happen so quality entries with stops set just below new levels of support.  Also keep in mind that a consolidation that sets a level of support is just as good as selloff, so it we simply pause and rest for a little while we should be able to find very good entries.

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