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Let's take a look and see where the last week of trading took the markets...
SPX - The Big Picture for the General Markets remains the same. The ICLs ( deep meaningful dips in the market) are becoming less visible as the bull run picks up speed. Daily cycle wise? We are entering the time for a dip into a dcl.
Read MoreToday is Friday, the last trading day of the week, and I have quite a few thoughts rolling around my head. One of the biggest is the employment report. Why? The Markets are on fire, The NASDAQ just broke out , following the SPX, DJIA, and RUT - which have been on fire. What if the Jobs report disappoints? What if the hurricane that hit Texas and then another one that hit Florida disrupts the employment numbers and caused more than expected to report that they are not working?
Well, again, it is Friday the last trading day of the week, so lets just look at what is in front of us as of Thursday nights close.
SPY - What a solid run higher after the break out. No change here.
IWM - I used this chart in the comments / chat section yesterday to simply show why I would use a 'trailing stop' rather than just selling my position when it gets to a point of 'overbought'. You would not be forced to sell in a runaway move, you just ride the gains until the top is in.
Read MoreI have given in to the pressure. 🙂 After our normal market review, I will discuss some of the biotech stocks that are a bit higher risk, but have been seeing tremendous rewards (gains) lately.
SPX - The idea of a trailing stop is working well, but we are on day 31, so we are now entering the time for the general markets to begin to seek out a dcl. Lately dips have been sideways and downward as seen on this chart. Since that was an ICL that we just put in place, and this is a R.Translated daily cycle, holding on to anything that is not leveraged may be fine during the dip into the first daily cycle. Some people just ride out the dips.
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