Market Environment - pre-open-- another inside day brewing, but starting to think about & plan for Thursday, first trading day of the year. People holding off on selling now to put off the tax implications for an extra year. Once the calendar ticks over they're free to sell. Will have high quality DZs, esp those in higher TFs, mapped out in preparation for when expected retracements occur.
Market Environment -- clear outside day on equity indexes & 10-year note.
The prior days trading range is a useful indicator of a hospitable trading day.
If you recall last year the market dumped leading into Christmas,culminating in an1100 pt drop in the Dow during the Christmas Eve half-session. This translated in a huge spike in the VIX.
Now look where we are !
Today in the chat room one of our members was following $ACST.
$ACST was halted around 1:17pm est.
When trading resumed around 1:30 it dropped like a rock.
But doing the thing we've done numerous times under these circumstances -- putting a daily or weekly DZ underneath to catch the falling knife), yielded the following setup. A coincidence price bounced from where it did? You decide.
Do you see what the results would've yielded you ? Check out the screen shot below.
Christmas and New Year’s Holiday market hours are as follows:
CME Group Holiday Schedule
Tuesday, December 24:
S&P inside day (2nd consecutive); NASDAQ poked its head out -- narrow range trading -- choppy, little follow-thru on a broad basis.
Today, we are celebrating Thanksgiving in the US.
Eating - a lot ! For me too much turkey, stuffing and pie !
Spending time with family
With how busy we are on Thanksgiving, it can be easy to forget what it is really about:
Sometimes it's not easy to be thankful.
Sometimes it's easier to complain.
Sometimes it's easier to say "my life sucks."
But when we pause for a moment, we'll notice that there are many things we can be thankful for.
As an example, if you are reading this email right now, it means that you have a phone, a tablet and a computer and access to the internet. Keep this in mind: 49% of the world does NOT have access to internet.
If you have a phone, you have contacts saved in your address book. Who can you text or call today and tell them that they are important to you?
I'm sure there's a place around you where you can watch a sunset - or a sunrise if you're an early bird.
You can read this email…
… so you are luckier than over one billion people who cannot read at all.
If you woke up this morning with more health than illness …
then you are luckier than the million who will not survive this week.
If you can attend any meeting you want—political, religious, social…
then you are luckier than 3 billion people in the world.
If you have food in the refrigerator, clothes on your back, a roof over your head and a place to sleep…
then you are richer than 75 per cent of this world.
If you have money in the bank, in your wallet, and spare change in a dish someplace…
then you are among the top eight per cent of the world’s wealthy.
If you can get a glass of water right now...
then you are luckier than 790 million people who don't have access to clean water.
When we pause and think for a moment, we will find at least 10 things that we can be thankful for.
Do yourself a favor and write down 5 things that you are grateful for.
And you'll experience the "Wonders of Thanksgiving." :-)
Stay away from the markets and Enjoy !