Well Traders, we're back for a new year of trading, I hope you had a great holiday vacation! Mine was capped off with a tremendous victory by my Alma Mater, USC, in the Rose Bowl against Michigan. Fight On Trojans!
In case you missed it, today was like a football game, a tale of two halves. In the morning, the Dow and NASDAQ screamed upward with the Dow up over 100 points and reaching all-time Intraday highs. The NASDAQ was up over 30 points as well.
Then Half-Time came at about 12:00pm, and it was all downhill from there.
The Dow lost all its gains and was down as low as -30 points and the NASDAQ was at -$25 points.
Oil was down BIG today, almost $3.00 at one point. Commodities like coal and metals were also beat up really good. At the end of the day though, the Dow finished +10.89 and the NASDAQ finished +7.15.
I am only in two positions right now VLO and CROX, having closed all of my plays except these two at the holidays. I wanted to wait and see how we started off the year and see what transpired. Many of the stocks I was waiting on have broken down from their trends, making them somewhat invalid at this point. Just makes for a longer waiting game I guess. That being said, many of ther energy/oil/metal stocks I have been waiting on have just become cheaper than I expected. I am not going to chase them as they will have to re-establish their trends for me to get in, but the prospect of some good companies on the cheap is enticing for the future.
If I come across any decent patterns and entries, I'll let you know. Until that time though, I am on the sidelines (which is a legitiamate position).
Happy Trading!
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