{+++} Monday’s action was a decent confirmation of Friday’s bullish reversal and yesterday was a very nice consolidation day for the bulls after Monday’s big move. The fact that the market sold off a bit yesterday and then came back to close flat was very bullish in my eyes.
The markets are closed tomorrow and we have a shorter day Friday. I expect this market to be strong at least through the end of November, possibly into year end.
I am adding AMZN P&L:
AMZN: 233-235 range. The stock broke out of it daily downtrend yesterday and closed above its 20 day moving average for the first time in a month. The volume could be a little better, but that may change if the market starts to move higher.
Stops should be placed around the 200 day moving average at the 220 level. You could also use 225 as a stop if you want it tighter. There is some resistance at 238 then 245.
Housekeeping-Disregard any email to buy UCO yesterday. Every six months or so that email gets sent out. It’s a glitch in the email system.
