Welcome back to the Week Ahead post. Again this week there is not going to be very many individual charts, I will explain why though – don’t worry. Let’s jump right into now though.
This week was a wild one, from almost breaking out (I was long) to then breaking down HARD. This is the type of action you need to be prepared for in the markets, they are ever changing and extremely dynamic. The $FED this week probably spooked the market a little bit, but really that is not what happens. Some people will probably laugh at me when I say this but.. I do not care AT ALL what the $FED or Ben says, it is irrelevant. The only true thing I care about is if price is rising in a bullish trend or if it is falling a bearish trend.
I do believe we have entered a period of corrective activity from an intermediate standpoint. What this means to me is I should be tactical (day trade). The breakout patterns I love to play will not work as well and the swing trades that I put on will likely not follow through. If anything, I should be short or raising some capital to deploy when the chart tells me it is time to put risk back on. Often times during corrective markets because the breakouts are not going to work like I would like I will not look and trade individual stocks, why? Because if the breakouts have a less likely tendency to work then why play them? If the market is not conducive for swing trading, why swing trade? These are the reasons in which there are only a couple charts this week on the Week Ahead post. If we were a trending, slow, bull trend then I would include all the nice set ups I see.
Currently there are NO A+ set ups and we are in a corrective period.
Here is the ‘fun’ video for this week as sometimes it is nice to take a break from the markets and relax a bit. Enjoy. Back to stocks in minute – AWESOME song by the way –
Alright I am back to finish up the week ahead post.
Going into next week I am going to remain tactical and likely not do anything until I get a swing short signal, we have a capitulation bottom, or we gap higher and ‘hold higher’. Until one of these things happens, remain tactical.
Here is this weeks Sector and Security Analysis, I included them both in one video this week. I like that better. See ya tomorrow! Enjoy the rest of the weekend and SUMMER! Charts are below –