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
Good Morning Friends!
Again very little to say this morning except that today volumes will likely drop like a stone after the open flurry. There are days to trade and days to sit on your hands. Today would be a very good time to build watch-lists and get a head-start on 2017 business plans.
I wish you all a Very Merry Christmas.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Good Morning Friends!
Pretty much out of the things say about this market as the holiday draws ever closer. Expect more of the same. Light volumes, choppy action after a morning pop responding to the economic news.
Work on watch-lists and trading plans.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Good Morning RWO it’s hump day!
Yesterday we saw the bulls make another push toward the big round number of 20K, closing less than 70 points south of it. Our option positions. as well as the stock positions that I have been covering. are all doing quite well. Although common sense would suggest a pullback is in order, there is no evidence in the current price action of the indexes pointing south just yet. As I always suggest, following price action is better than trying to predict.
Today we have housing and oil numbers that could move the market so keep any eye on the news at 10 AM eastern time. From here on until the end of the year we should expect light volume choppy price action after the morning rush that normally lasts 30 minutes to an hour after the open.
This is a great time to build watch-lists and refine them. For those just beginning work on the patterns you intend to trade, goals, risk tolerance etc.. Manage the positions that you are in but it’s time to slow down on entering new positions. Be very picky.
Have a profitable day.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Good Morning everyone friends!
Yesterday turned out to be a typical trading day ahead of a major holiday. Anemic and choppy. Although there is a possibility the could get inspired and reach out for 20K at anytime we should also be planning for the very real possibility that it goes nowhere until after Christmas.
Speaking of Christmas I will be taking the day off to get some shopping done for my wife. I will be here for the first hour or so this morning but will likely be gone the rest of the day. That means there will not be an RWO room today. The video is longer than normal today because I wanted to cover some of the stocks showing patterns that may set up trades today.
Wish me luck because just typing the word shopping makes me feel a bit ill
Have an awesome day.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Good Morning everyone and happy Monday!
I always look forward to the weekend but about the time Sunday rolls around I’m always looking forward to the market opening and getting back to my routine. Last week ended with the market sputtering and consolidating after the rate hike simply running our of energy. I wish I could say strap in for a bullish ride this week but the truth is as we get closer and closer to Christmas the chances of light volume chop increase as a general rule. However, this year we have the Dow wanting to reach out for a 20K print, so there is always the chance that the bulls get inspired and make a push for that record level.
There is nothing on consequence on the economic calendar until 1:30 PM Eastern time when Janet Yellen speaks. Although it’s unlikely she says anything that will move the market you never want rule out the possibility, so keep an eye out during her speech.
Wishing you a profitable day.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Good Morning everyone and Happy Friday!
As we close in on a 20K print for the Dow the market seems to have shifted for all bull to more of a 2 sided looks with short sellers and profit takers equally matched. As they duke it out in the center of the ring there are still so many good charts it’s difficult to choose which traders to take. As you know I view Friday much like Rick and prefer to do more selling than buying on make Friday a payday.
We have housing start numbers prior to the open today but unless the number is a real surprise I doubt it will provide direction to this morning’s market. At this time futures are showing a positive open and Friday’s have lately been quite bullish so fingers crossed let’s wish for a bullish day to close out this busy week.
Much of the country will have a bitterly cold weather, wish you all a safe and restful weekend!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Good Morning RWO!
Half way through December and the question on everyone’s mind, Did the Fed kill the Santa Claus rally? Personally, I don’t think so. If you think about just how much the markets have moved in the last 6 weeks it’s actually amazing that yesterday we didn’t pull back a lot more. Dow futures remained positive all night long and although lower than the overnight highs they still continue to remain positive at the moment.
There are several big items on the economic calendar this morning. As long as they don’t disappoint in a big way we could have a positive open contrary to what yesterday’s closing candle would suggest.
I don’t expect the bulls to give up on 20K very easily. Even if we get more selling today I think the bulls will at least attempt another shot at that big round number before year’s end. Believe me, I know the market needs a pullback but the super bull may still have a few more things to say.
Have a great day!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Good Morning Profit Traders!
Short and sweet this morning. It’s all about the data and the Fed today. Manage the positions that you’re in pop some popcorn, roast some chestnuts on an open fire and put up your feet and watch the show.
I would not be at all surprised to see the Dow make a run for 20k at some point during the day today but expect a lot of volatility particularly after the FOMC announcement it. When the dust settles and the gamblers have left to lick their wounds we can get back mixing it up. Until then it’s best just stand aside.
Have a great day!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
