The month of November has ended, Monday will be the first day of December. The SPY chart is raising a smart alarm bell, indicating that the market is close to a point of deciding which direction to head....? The message does not necessary mean you should go short...It just means that you just be cautious in taking up big and agressive positions.
If the market heads up on Monday, the first level of resistance is 90.96 followed by 91.73.
I have enjoyed my past 5 trading session because it is so calm and I like the clear direction.
If I have a choice, I don't ever want to short the market...because it creates violent zigzags...seems so stressful to trade.
News headlines in CNBC are mixed and misleading, some analyst expect oil to hit 80 some expect oil to hit 20 in the coming weeks. This is very confusing, so I guess I will just follow the charts.
Santa claus rally or not...I will just trade what I see.
My strategy remains...to daytrade.
My stance shall remain neutral...market could be in consolidation mode, so watch out for any potential shorts or longs:
GS, STT, PNC, MA, V
AZO, JEC, FSYS, RTP, BHP
OIH, HES, DO, MON
FDX
FSLR, ENER
EXC, ETR
BIDU, SOHU, SINA
ITRI
PCLN
CMG
BGC
If you think you sported a long term trend and dislike options go for these ETFs:
Long: ERX, TNA, FAS
Short:ERY, TZA, FAZ
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