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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