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Economic Numbers Will Be Good
www.oneoption.com
The market will float higher the rest of the week. This is a time to ride what you have, but I would not be adding.
PRE-OPEN MARKET COMMENTS WEDNESDAY – This morning ADP said that job growth in the private sector hit 146K. That is a solid number. After the open ISM Services will be released. That is an important number and it was strong last month. Everything looks good heading into the jobs report Friday.
FROM A LONGER-TERM SWING TRADING STANDPOINT, RIDE WHAT YOU HAVE BUT DON’T ADD INTO YEAR END. YOU SHOULD HAVE NICE GAINS AND I WOULD START REDUCING RISK TOWARDS THE END OF THE MONTH.
The last leg of this rally is getting a bit “frothy”. The dips are more frequent and every new high is challenged. This is NOT strong price action. I view this move as fabricated and it is a “sellers boycott”.
We don’t pick market tops, but we are prudent and we reduce risk when a strong trend starts to lose it’s momentum.
There are some “perma bears” who will rejoice when they read this. You’ve been wrong all year.
The last leg of this journey can play out a few different ways and no one knows how it will end.
Day traders, don’t chase the open. We could easily have a gap reversal off of a new all-time high. We need that threat to pass.
Support is the close from yesterday and we are at resistance.
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