The Dow Jones Industrial Average closed at a record high for the 11th straight session last Friday. That is the longest streak since 1987 and that is Real News.
Of course, I’m poking a bit of fun at the current dialog about Real vs. Fake news, but this is real! The US Indexes are continuing their impressive Bullish Rally and there is no sign of that rally ending yet.
When will it end? I don’t know. But I do know that when it does, we will have clear indications and we will be able to trade the eventual correction for some really nice profit. Meanwhile, I am trading the realities of the Bullish trend. I think it is too late to try and go long on the major indexes, but there are still great trades available and I am in several and will continue taking the best possible setups. AWK is a good example and I show that chart in the video version of this update.
Regardless of the market we are in, it is essential to use good risk management. I wanted to emphasize this point, so I recorded a short video where I show the Worst Trade I ever took. I show the mistakes that I made and more importantly, the lessons that I learned. In the video, I share some tips and techniques that I have learned and that I use in my trading today to control loss and to “Keep my winners big and my losers small.” I invite you to check it out by Clicking Here.
Gold continues its impressive rally. I expect this to continue and I am still in Gold related trades and already have some nice profits booked and expect more. Price doesn’t go straight up. There will be some minor pullbacks along the way, but the uptrend is showing clear evidence of continuing.
Oil is still stuck in a channeling, sideways market. It won’t stay here forever. When it does break out, it will be very tradeable. The likely breakout is to the upside and that will be a better scenario than a break to the downside. But, we have to wait and see.
Stay tuned each week and I will continue to provide updates. Please send your questions and comments. I try to answer every one that comes in.
Trade safe. Use risk control. Check out the Tips and Tricks that I give in the short video I mentioned earlier, you might just find something that you can use in your trading right away.
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