The rally continues! (well kinda)
The major indices finished UP yet again this week.
Although we closed the week on a positive note the move itself was less than spectacular.
It was more like a sideways Monday, nice day of trading Tuesday then a GAP UP and trade sideways to close the week.
Now don't get me wrong…We aren't complaining!
The very BULLISH price action we are seeing is a nice change of pace from the last few months of the "stop, chop, and reverse" type trading that we were seeing.
As a matter of fact this week we saw a lot of the strong stocks on our list continue to move strongly to the upside.
AAPL and AMZN are continue to defy gravity as both stocks ripped to NEW HIGHS this week.
CF and AGU also continued to rally after last Fridays breakout.
RIG and DO had a nice week as well as the Oil Services and Energy sectors remain strong.
There are also a lot of strong stocks on our list that used this week to digest some of their recent gains.
AVP, CCJ, MMR, JWN, DE, STJ and DOW are a few names that are on this list.
This is a good sign and should give us very nice trade setups in the days to come.
The sector action was mixed again this week.
The Financials (XLF IYF) still cannot find any legs and actually sold off pretty hard to close the week.
Retail (RTH) is still trading sideways but Real Estate (IYR) finally got a little lift this week.
One sector that did finally make its move this week was the Technology sector.
After last weeks consolidation XLK finally made its move higher closing the week a new multi month highs.
As expected the Tech heavy Nasdaq got a lift this week as well.
The QQQQ gets our vote for "Index of the Week" based on its great chart.
As the bull marches on we expect to see some follow through in the days to come.
Be patient and wait for your trades to set up.
The market is in a VERY BULLISH phase right now but that does not mean that decent pullback is out of the question.
Be prepared for anything and trade your plan accordingly.
Until next week…Good Trading to YOU!
P.S. – Our last strategy class of the year will be our PVT Trading Tactics class on October 30th. If you are interested in learning more about trading with trend lines, volume, and price action then don't forget to sign up now!
Tags: ETF Swing Trading, Financial ETF, RTH, SHORT SWING TRADING, Swing Trading, Swing Trading Chart Patterns, Swing Trading Price Action, Swing Trading Strategies
