Swing Trading BLOG – Swing Trading BOOT CAMP
As 2010 comes to a close the markets end the year just off their 52 week high.
The major indices have been "drifting" upwards for the last few weeks.
This week we saw more of the same as the DJIA, S&P, and Nasdaq all basically traded sideways just under the high for the year.
End of year trading usually brings some good, but often hard to comprehend, moves that can be a traders best friend or worst enemy.
None of the sector ETF's had an "explosive" move this week and only a few stocks on our list are worth mentioning.
There also were NOT a lot of NEW trade set ups for us this week.
Most of the action we witnessed was simply "continuation" of a move that started day,s and in some cases, weeks ago.
December was a great month with the DJIA putting in a gain of nearly 5.5%.
That being we were simply in "hold" mode as we managed our positions as they SLOOOOW moved to the up side.
Several of our positions lasted much longer than our average trade time.
By being patient and following our rules we were able to take profits at much higher levels than if we had tried to outguess the market.
As we close out the year the market is still in SHORT TERM OVERBOUGHT territory.
With nearly every talking head in the media preaching about how great 2011 will be it wouldn't surprise us if a BIG, FAT PULLBACK was waiting right around the corner.
But like we always say…BE PREPARED FOR ANYTHING and simply take action when the market tells you to!
We hope you have a great year of trading in 2011 and until next week…Good Trading to YOU!
Tags: ETF Swing Trading, Sector ETF's, Swing Trading, Swing Trading Blog, Swing Trading Chart Patterns, Swing Trading Price Action
