Swing Trading BLOG – Swing Trading BOOT CAMP
**Our thoughts and prayers go out to the victims of Hurricane Sandy**
After a historic decision to close the US Stock Markets both Monday and Tuesday we opened up on Wednesday with a bit of uncertainty.
Low volume was the theme even as the market popped a little on Thursday.
Friday brought out the sellers again and starts what appears to be the next leg down in this recent down trend.
If you at the charts you can see that volume increased and the bearish engulfing bars created on the three major indices are down right bearish.
The one bright spot this week?
The Homebuilders ($XHB) actually traded to a NEW HIGH despite the overall bearish conditions.
That is about as good as it gets since almost every other sector sold off with the market.
A few weeks back we mentioned that the Gold and Silver sector ETF's were losing steam.
Friday both sectors got hammered!
The technology sector and the tech heavy NASDAQ have been the worst performers with no end in sight.
The Energy and Oil sectors look like they are heading lower.
The chart of the Financial ETFs look interesting.
Will this lower high lead to a head and shoulders pattern on the charts?
Time will tell but learning to spot patterns as they form is a key to trading price action.
Next week should be a big week in the market and you should expect some volatility.
Have a plan in place and trade it accordingly.
Keep the victims of Hurricane Sandy in your thoughts and prayers and as always…Good Trading to YOU!
Tags: ETF Swing Trading, Swing Trading Blog, Swing Trading Price Action, Swing Trading Strategies, Swing Trading Volume
