Good Morning Traders!
Although the day started off with a little selling yesterday finished strong with the SPY and the IWM closing at new record highs. The bull continues to be strong but is does show signs of slowing it march higher so it’s wise to not chase stocks that appear over-extended.
Today in economic news we have the JOLTS report and the petroleum status numbers. I would keep a close eye on the oil number today, if we see a build i supply oil could move quickly lower taking the market lower with it however if we see supply diminishing then it could provide us with the fuel to power the charts higher.
Remember we have have a massive economic new day coming next Wednesday. As we move closer to that big day don’t be surprised to see the market lose direction and become a bit choppy. There will likely continue to be some good trading with stocks that were a little slow to rally do some catching up during this period.
Wishing you a profitable trading day!
Trade Wisely,
Doug
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