Swing Trading BLOG – Swing Trading BOOT CAMP
The rally continues (for the most part).
The market drifted higher this week pushing the DJIA back to high that we hit a few weeks back.
This move brings the DJIA into an area that has some traders looking for a double top pattern to take place.
In last weeks BLOG POST we noted the low volume that accompanied some of the moves we saw.
This week the volume did increase BUT it was not across the board.
We watched as both the DJIA and S&P rose while the technology heavy NASDAQ basically sat this move out.
The sector action was mixed.
The Gold and Silver ETF's ($GLD $GDX $SLV) continue to hover around their highs.
Both Healhcare ($XLV) and Retail ($RTH) broke out to NEW HIGHS.
The recently strong Financials ($XLF) and Homebuilders ($XHB) drifted higher as well.
The lagging sectors were Energy and Oil ($XLE $OIH $USO) and the Semiconductors ($SMH) and Tech ($XLK).
This "mixed bag" of results leads us to believe that the market may be losing some steam.
As we move into next week we will need to see confirmation to confirm that though.
If we see the NASDAQ jump on board that could push the overall market higher in a hurry.
If however we see more sectors breaking down or failing to participate then we will start looking to the SHORT side more and more.
As always we will have plan for whatever the market decides to do from here and act accordingly.
We hope you will do the same.
Until next week…Good Trading to YOU!
Tags: ETF Swing Trading, Swing Trading, Swing Trading Blog, Swing Trading Chart Patterns, Swing Trading Strategies
