The day played out like a clock.
7:30 a. m. The first batch of good news coming as durable goods orders are better than Wall Street expected. The pre-market bounced from low to be positive, however reluctantly.
9:00 a. m. another good news of new home starting is better than expected as well. if you have a streaming quote, you will see the the screen turns into green quickly, but there are still lingering doubts or the last attemp by the Short seller to resist the obvious.
11:00 a. m. The lunch time when the momentum player/day trader came into the market, the market took off and never looked back. As indicated in my other articles, this is almost always effecient use of time for trading when the trend is obvious.
Based on the past experience, we should see a better week next week
1. As indicated in my post of last night, we need a good push today to overcome the resistency, and as the near resistance crushed today, we should have clear sky next week.
2. Shorts gave up. I had a two list: long/short. my long list actually had a couple of red today, but my short list, boy, they are green. even though, this is not scientific, but to me , that is a good indication
3. According to following graph courtesy by bespokeinvest. the week before labor day is a better week than the week after.
So, sit tigth and enjoy for (hopefully) a week. of course, you should always watch your back, regardless what the conditions are. As matter of fact, the more confidence you are, the more you should watch out !
