It has been a bit since I posted. I was pretty close last month with saying we would see 1830. This is a new month and we are at some interesting areas. First few days of trading in January down. Many traders get spooked over this. We shall see. Today is pretty important to see where we close. If we close below 1812.50 on the /ES we will be into the last consolidation area. I feel this is going to happen. The overall buying volume is still strong so we will have to watch. The sectors are getting weaker and weaker. Usually it is just a few but we are seeing many trade lower. So I am thinking this is a move where big money wants to be out instead of moving to another sector. Another thought is that I am short for the first time in a long time a couple of trades… WLT, CLF and I am long the GDX. These are bearish plays. I still have a few longs with no risk. the only trade I am long full rick is CNX. ADI I was able to get risk out for a profitable trade. I took a loss on LLY. Still hitting 70% win rate.
Category Archives: General Comments
Higher and Higher
Getting a little tricky here. I have a target of around 1860 by the end of the month. See if we have the push (volume) to get us there. I am looking for 1830 first. All of this is only if the 1773 area holds. If the 1773 area gives it up then look for the next level to hold 1727. I am still bullish this market. I entered one long position LLY last week. I am taking some heat on this trade for now. I am long with no risk on BAC PRU and XLE. December can be one of the most difficult months to trade. Look for retail to influence trading this month. So let’s see how it goes. Happy Trading.
Support Holds
1773 area held. Price did exactly what I talked about last week. Mon-Wed down into old resistance which now has proved to be Support. I did not pick up any swing trades this week. Had a few that signaled but I was unable to catch. The swings I am in are doing great XLE, PRU and BAC. I love it when a plan comes together. So what to expect next week. I think traders are going to look for reasons to not trade. It may push a little higher then get choppy forming a base. Everyone have a Happy Thanksgiving. There are so many things of which I am grateful. In this order God, Family, Friends and the opportunity to serve through this amazing market. Happy Trading and again Have a Happy Thanksgiving!!!
All Time Highs Again
What can I say we are going higher. I really wanted to see a stronger pull back so I could get into more positions. I only picked up one swing trade this week which was BAC long. I had a position on PRU that I scaled due to the earnings report. I am not a fan of being in a full position going into earnings. Made money on the scale and earnings came in really good driving the price higher. Gotta love the fed. I am cautious here due to being at the top of the longer term channel. However the On Balance Volume (OBV) and Advance Decline (AD) are bullish. Price is telling me to look for the pull back but with the OBV and AD my intuition says “TO INFINITY AND BEYOND”. Going to be a fun week next week I feel.
$ES Goes crazy on Bernanke remarks
This is an amazing move on Bernanke comments today. The Fed needs to continue with QE. This is crazy and when they stop QE look out below. I have no idea what the FOMC minutes will reveal later today. Looking at a chart of the $ES you can see the stair step move. This is indicative of a strong up trend. Be careful though. This market needs to correct.
$ES $S&P Higher and Higher
So here we are at the highs again. This market has legs. i think we will break out here shortly. The close above 1593 was a tell. Let’s see how it goes.
$CAB This warms my heart!!!
This is a chart for Cabela’s which is one of my favorite companies. I love their stuff. Notice how well they did this earnings announcement. This is a direct result of gun sales. Way to go Cabela’s.
IN THE ZONE $ES
We are in the zone. The yellow area is a consolidation area that we tried to break week before last. Problem is we just came right back into the ZONE. You can see how the support area (green) is holding up. We may try and form a head and shoulders pattern. Can you see it left shoulder, head and right shoulder may be forming. Critical resistance is at the top of the yellow box. Happy Trading!!
Stopped Out Today
I am stopped out of all of my swing trades today. That was a good swing in a tough environment.
Swing4it.com 