Thoughts on trading this week

I wrote last week that I would not be trading much stocks because I felt we were at a critical point in the markets and I wanted to see the current levels of resistance broken before getting back into holding stocks for more than a day trade.

Well, not much has changed and this week is even more critical since the elections are tomorrow, the Fed on Wednesday and Non-Farm Payrolls on Friday.  If ever there was a catalyst to ‘sell the news’, it is this week.  Adversely, if the markets do not go lower, then we will see a new leg of the uptrend begin.

So, I am in wait and see mode and will concentrate on day trading the Crude Oil futures (CL) for the most part, perhaps some Euro (6E) and Russell (TF).  The plan is to trade smaller sizes and take quick profits.  If possible, finish early and take the rest of the day off.

I did not go through the Stocktwits 50 this week – I’ll resume next weekend once we get a clearer picture of how the markets want to move.

Please exercise your right, and privilege to vote on Tuesday.

Have a great week.