Will the stock market ever take a break from the bull mode? Nasdaq hitting 7000 a new record high yesterday!
A lot of liquidity is propelling the markets higher. I happened to hear a financial commentator yesterday that said the markets will not do this forever:) I wonder how much he gets paid for this advice.
In any event, a tame open with the index’ around the even market.
Not much of note this morning as oil is the only thing up strongly this morning.
I let go of TUR yesterday at 44.57. I got in the trade on Dec 4th at 39.20. A 13.69% gain in a month. Would be nice if they all turned out that way:) Since the trend has now changed in TUR I will be looking to re-enter the trade on a pullback to the 9EMA or 50 SMA. The area I exited was a multiple resistance area.
I also have GLD still on the books. This is a system trade I bought on Nov 1st at 120.97. GLD is now at 122.34 premarket.
Finally, I have XNCR that I purchased on 10/17th for 23.34. It is now trading at 22.80. Its been quite a bit lower and is on the rebound now.
I wanted to place some mean reversion trades yesterday morning but with the gap up and the stocks I had selected all gapping up I could not get a new trade-off.
This morning with the markets having a big day yesterday and positive seasonality coming to an end today I will be very cautious putting on new trades this morning. We have just ended the best 10 day stretch historically for the markets.
A big caveat for today, Congress is back in session, so consider yourself warned:)
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.
It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ’s Handicapping Picks