Focus on Improvement

It’s customary as the year winds down to reflect on the past year.  While I’m very grateful for the amazing results that 2017 provided, my focus tends to center on the year ahead.  I’m not talking about trying to predict the future as so many traders attempt to do.  No matter how 2017 turned out for our future has yet to be written.  As a result, I tend to focus on improvement as a trader.  As the CEO of my trading business, I must always be on the lookout for ways to improve so my business can grow.  Most people don’t like change but change we must it achieve better results.  Embrace the change and challenge yourself to improve.  Today, right this minute, make the decision to step up.  Be willing to do whatever it takes to exercise your right to succeed.

On the Calendar

The Friday Economic Calendar is devoid of any market moving reports today.  There are two note settlements and an oil rig count report but other than that a quiet day.

On the Earnings Calendar, there are only eight companies expected to report as we wind down the trading year.

Action Plan

After the morning flurry of activity, the market as expected slipped into choppy price action.  It was surprising to see some bulls wake up in the last 30 minutes of trading to close the DIA, SPY, and IWM higher on the day.  The QQQ’s, on the other hand, decided just to rest.  Dow futures are pointing to a bullish open that may come close to making a record high print at the open.

Overall the trends continue to remain bullish with no signs of any meaning selling or market fear.  Nevertheless, I plan to avoid adding risk just ahead of a long holiday weekend.  As a result, my focus is on profit taking and capital protection today.  There are a lot of very good looking charts on my shopping list for next year.  Expect volume to decline a quickly today as many traders will be headed out for New Years celebrations.

2017 has certainly been an exciting record-breaking year filled with amazing profits for which I am very grateful.  I want to wish you all a safe and Happy New Year.

Trade wisely,

Doug