FOR MONDAY: (11/20) We’re happy to put this whippy week behind us. The problem is that thin holiday action before Thanksgiving can be either non-eventful or too crazy in going after stops in thin conditions. Our strategy is usually not to trade too much before Thanksgiving and my trading tutors have always taught that Nov 8-Dec. 31 is a thinner volume atmosphere.
Lately weekend politics has been tricky and China implosions are always negative possible events for Sunday night. We think stocks are lower on Sunday anyway. Still, eventually, given the breakout and new highs on NQ, we have to assume that SP cash could get to 2617 before all is done. Last few days have been difficult, as we have had a number of larger 4th waves that seemed like trend changes but then they are recovering to keep the trend intact. New highs on NQ remind us that it’s too early to write the stock market’s obituary.
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