Good Morning and Happy Friday!
Yesterday turned out to be a nasty whipsaw and justifying my words of caution. Today it’s all going to be about the big economic reports and earnings. Both PPI and Retail Sales will be out prior to the market open and we will likely have seen reactions to bank earnings before the open as well. Anything is possible. If everything were to come out bullish then today could be the push through 20K with the increased volatility. If the market is disappointed in data it’s that same volatility that could quickly break through supports.
All we can do is wait, stick to our rules and avoid emotional decisions. I think today it would be wise to give the market 15 to 30 minutes to calm down before making any decisions on new risk.
RWO will be open today as long as my voice will hold out. I look forward to getting back to my normal schedule..
Trade Wisely,
Doug
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