Welcome to Friday Night Market notes with yours truly. Here I discuss my trading week and how I see the market. If you want more info you can Follow Me on Twitter or Like Me on Facebook. If you want to learn more about how I trade, check out The Beginner’s Guide to Breakouts and this quick blog post which details my process.
With that said, let’s move on.
My Trading Notes: It was back to new highs for the markets and it was a pretty mellow week for me. I closed my GPRO trade for a +5% gain after it really wasn’t moving anywhere and had no other trades. My Sunday Night Stocks really had no memorable winners and yes,
Anyway — that’s me. Let’s move onto the markets.
Market Notes: As always, I’m tracking the IWM, which is the ETF that follows the Russell 2000 Small Cap Index. As I trade volatile stocks below $5, that’s the one I keep an eye on.
Notes: If you have any doubt about the direction of this chart then you will need to get more than just your eyesight checked. This market is going up, baby! And yeah, that’s pretty ubelievable. How long can it do this? Longer than you think. Simply amazing. I’m not sure why I didn’t catch
Notes: If you have read The Beginner’s Guide To Pullbacks you would recognize this recent break to new highs as a breakout with pullback. That’s my second favorite move to new highs and it’s a great thing to see. After nearly one and a half years or back and forth range trading. All that’s left is to see if this move holds.
Notes: The weekly chart really gives us a long view of this never ending trending market. You can also see that 2001-2013 gave us another one of those rest/consolidation areas and then moved a lot higher. While we can’t count on that this time it’s interesting to see what the possibilities are.
- Hourly: Up
- Daily: Up
- Weekly: Up
Good luck out there everyone!