Top of the morning friends. It’s hard to believe it’s already humpday. Yesterday the bullish push produced some very nice gains for me but it’s a shame they were not able to hold on to the daily highs. At the end of the day the bears were gaining control but until support is breached I’m not going to worry about it. And though I’m not going to worry about I’m going to plan to take profits on trades faster than normal. A stock that gaps up or down in my trade direction will be considered a gift and I will quickly ring the register. Keep that in mind as we continue to chop in this range.
We have an oil status report this morning at 10:30 eastern and a Fed speaker in the early afternoon. Oil futures are currently pointing higher but keep in mind a surprise build in supply will not only affect oil but also the market as a whole. A surprise decline in supply, on the other hand, could prove to be bullish overall.
RWO room will be open today but I will have to take it slow. Between the fits of coughing and a weak voice it may have several starts and stops but I will muddle through the best I can.
Trade Wisely,
Doug
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