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.
Category Archives: Swing Trade
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.
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