Scalper1 News
âMajor averages fell yesterday on higher volume. The higher volume was easily achieved after the low volumes printed on Friday prior to the 3-day weekend, though volume was above average on the S&P 500 showing a degree of institutional selling. Both the S&P 500 and DJIA bounced off their respective 50-day moving averages, but both gave up on recent range breakout attempts by dropping back below their prior breakout points. In addition, the small-cap Russell 2000 Index gapped back below its 50-day moving average in a “risk-off” move. With the major indices still trading sideways, unable to firmly break out, keeping stops tight in stocks is imperative. As we have said, keeping your profits as you baby-step your accounts higher is key to finishing the year up appreciably. This is not a grand slam home run market, unlike each of the years in the 1990s where two or three trades could make a massive difference in your account. But if you hit enough singles, you can finish the year up well ahead of any of the major averages. So keep stops tight and take profits when you have them in context with the stock(s) in question and the general market. Scalper1 News
Scalper1 News