The Dow Jones Industrial apparently channeled its inner Tenzing Norgay and managed to climb to new highs at 18900 and all that without the use of an oxygen mask. The S&P and Nasdaq remained at camp IV for now but I have an inkling that they’ll make an attempt to reach the top before we ring in the new year. Clearly very few saw this one coming and the ensuing short squeeze has been a sight to behold.
I will be taking the day off as I have been very much under the weather over the past week and may have caught some kind of weird cold or flu. Hopefully a bit more rest will clear things up so that I’ll be ready to return in full force next Monday. With the elections finally out of the way I am very much looking forward to the pre-X-Mas trading season.
It’s not unusual to get a sideways session or two after a big move up and today we’ll cover how to read the early signs and avoid wasting time and trading capital on getting trapped in the gyrations. Most of you guys prefer the big moves and entry opportunities but it’s equally important to be able to recognize when to stay away.
So we got our first day up after nine consecutive days down. And all it took was one weekend and a little help from some friends. I’m presenting the entirety of this sessions sans comments and leave it up to you to properly interpret the accompanying participation signal.