A Funny Thing
Each evening we focus
on the most interesting aspects for the upcoming trading
day. The comments are based on observations of the nightly
updates of the Stocks/Sectors and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.
Our
first live trading contest is now open for registration!
Sign up today for a chance to compete against thousands of
your fellow TradingMarkets.com members. For more information
on this free event, please go to
face=”Arial, Helvetica”>Thursday was a decent day in Tech
Land as the Nasdaq gapped higher and rallied to close near
its high. This action created a solid trend day higher.
width=”470″ height=”320″>
face=”Arial, Helvetica”>The S&P bumped up against its
recent high, but had a decent day nonetheless.
width=”470″ height=”320″>
face=”Arial, Helvetica”>I came in Thursday expecting
pre-holiday drift and a continued corrective mode ahead of
the upcoming holiday weekend. But a funny thing happened on
the way to the market. When I awoke, the futures were up
nicely. Then the market gapped open and kept on going. The
moral? Have a plan and an idea of what the market should do,
but believe in (and trade on) what the market actually does.
face=”Arial, Helvetica”>Now Friday should be thin
pre-holiday trading —