Signal came at the end of the day today. I will post more information about this trade when time permits.
Category Archives: Position Trades
Pull Back Maybe
I am out for a little while. I had Hip Replacement surgery this week and taking too many meds to trade. I am going to try again to get this up to speed. Pretty simple read at this time. I am looking to buy a few long puts with the idea of a pull back.
Inflation Coming ??
/ES S&P
Boy I sure should follow my trade plan. If I had I would still be long the SPY. This just reinforces the need to stay on plan. This move above the previous resistance is pretty strong. It look for a little bit that the volume was not there. Now we just have to wait for the pull back. going to see where it comes back to. Once the swing high gets established I will have some levels to work with.
USD/CAD
The dollar is finally giving up the ghost. I was talking with some trading friends and they put it well. They said it looks like inflation is coming. So the big guys are setting up for this. Dollar down gold up.
/CL
Barring a catastrophe, Oil is bottomed out. Down trend is over for now. Look for a swing high pull back. May not be far from here.
/GC
I have swing trades on for the GDX and GLD. If the inflation play is on this will head to higher ground. I went back a couple of years and found the level that I placed on this chart. See if pulls it up. We do not have a swing high.
Topping Formation ???
Let’s bring this up to date.
ES trading sideways here at a top. tops take longer to form than bottoms. This is twice that it has tested both resistance and support. Look for it to move to support. Might want to sell half at this point and set a close stop on the short. May get a runner to the downside.
CL is looking good for a call. Still no clear resistance. look for a pull back then move higher.
GC Head and shoulders forming. See what happens with the neck line bottom.
USD/CAD Making a move to the support area. When it gets here see how it behaves before next position. Now would be a good time to get rid of half of the short.
My overall thoughts on the markets. ES is going to be more quiet on the top here. Fed has too much control. I think topping pattern and then down. However the wildcard is the Fed coming to the rescue. Read above on the rest. Happy trading!!
Santa Clause Rally????
Is this the Santa Clause Rally? Money is going into the technology and Finance sectors. The retail sector is probably the worse of the major sectors I follow. The overall market is very bullish thanks to the Fridays jobs report. With technology leading the charge I feel we are in for more upside. In the last post I noted the 1773 area is the level to look for a bounce and that is close to what happened. Going forward I think the most bullish scenario plays out which is a move to 1830 then to 1860 by the end of the month. As far as my swing trades go I am long with risk ADI and LLY. I picked up ADI this week. Long with no risk I have BAC, PRU and XLE. In summary Santa Clause Rally yes but not on the back of retail. Have a great week of trading.
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.
EGLE Thanks John Person
WOWZA this one is on a mission
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