Last week was a holiday shortened trading week that all indices closed in positive territory. As we blogged before, this is the type of difficult market that it’s hard to make profitable short-term trades. The moves on either side are short-lived and sporadic. The short trade definitely didn’t work out against the mid-October seasonal low, but the long trade is very laborious. The
Last week a few Fed officials made very hawkish statements that put out any hopes of rate hike pause or pivot in the December Fed meeting. The market responded negatively to the hawkish statements, but with low volume. The downside momentum was not noticeable, and the weekly bullish posture is still intact. It appears that the market participants have become numb to the hawkish Fed and
The red wave didn’t come. The control of Congress was not decide when the market closed last Friday. We just learned that Dem0crates will keep control of the Senate and most likely Republicans will win the House with a slim lead. This configuration will give the White House considerable more power than previously anticipated. Although it would be difficult for the White House
The Fed spoke last Wednesday and promptly put down the bulls’ high hopes of pause or pivot. However, there wasn’t any follow thru of the selloff in the next two days. All three indices closed a losing week, but the weekly cycle progress has not been negated, meaning the selloff post the Fed meeting hasn’t fundamentally changed the weekly cycle progress. The DOW is the strongest among the three,
