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Hi all . . . thanks for putting up with the outage here over the extended weekend.
I finally have had power for hours now, so it should stay up for the night now.
We have another snow storm coming in now, but it is smaller.
Here’s what I see for Trading the rest of this week:
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Just UP all day . . kind of boring . . . and against my Bearish thoughts!
During this low-Volume Holiday time, I think the Big Money players have left town and let the public raise prices by Buying stocks . . . when they come back, I still think the way is Down .. at least some.
Nothing to Annotate as she just drifted higher without setting any indicators . . . the Techs certainly outdid the rest of the Market . . . the S&P-500 just barely made new highs at the end of the day while QQQQ was High & Strong all day.
Are These 4 Emotional Pitfalls Sabotaging Your Trading? .. FREE
BMO Commentary
Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.
0720.ET
World and US Markets/Futures are Up Big.
QQQQ/SPY are currently Trading at 43.09 / 108.79
Since yesterday was fairly sideways, the QQQQ Support and Resistance details are shown on the Annotated Chart posted Friday night in AMC Commentary.
Overview: . . . Support @ 42.25, then 42.05, then 41.85 . . . Resistance @ 42.70, then 43.0x, then43.20
If QQQQ Opens well above 42.70, then it will become Support.
There are lots of Economic Events out this morning starting with the MBA Purchase Applications Report just released at 0700.ET that showed a lessening of Applications .. and the Big ones at 0830.ET and then at 1000.ET . . . remember these and be careful around their releases. . . I am still leaning to the Bearish side until shown differently by a sustained break-out above one of the Trend lines shown in last night’s Chart.
Remember, Intel had good earnings and guidance last night AMC . . . this is giving us a very Strong Up Market this morning . . . I will be looking to Sell the News if there is no follow through Up after the Open as QQQQ hits that upper trend-line I drew last night (and gets out of the box I drew Friday and Monday nights) . . . I’ll start looking for my Strong Reversal Down Signal at about 10- to 15- minutes after the Market Opens. . . Yesterday’s Drop was as a result of less buyers as opposed to more sellers .. so be careful about getting too exuberant in either direction when a trend-line is broken.
AMC Commentary
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