“Tripping the Light Fandango” is an idiom for “dancing nimbly or lightly” and that seems appropriate for trading the current market conditions.
With the recent volatility and unexpected moves, we need to be nimble in our trading, even more so than usual.
Trading opportunities appear quickly and we need to act decisively to capitalize on swings.
There is an unusual amount of information for market participants to keep up with and absorb. The upcoming week looks like this will only intensify.
Here are some of the big things that will have our attention in the coming week;
-Possible response to the US/UK/France coordinated strike on Syrian chemical weapons capabilities, by Russia and Iran.
-More announcements on international trade, I.e. TPP and China.
-Q2 earnings have started. Last Friday saw some big banks announce great results, and get punished (so glad I am not a fundamental trader . . .) Up this week are lot’s more big companies like; BAC (Bank of America,) GS (Goldman Sachs,) JNJ (Johnson & Johnson,) AA (Alcoa,) ABT (Abbott Labs,) and many more.
In this weeks video (below), I review the current technical pattern for the S&P 500. It is still in key decision territory, with a Bearish Bias.
Both Gold and Oil are Bullish. See the video for details.
I have initiated an early position in precious metals and may be taking another soon.
We will continue to “Trip the Light Fandango,” to trade nimbly and carefully, looking for opportunities and acting on them, while exercising strict risk control.
If you would like to follow along, here are two ways to do so:
That is it for this update. Trade Safe, Keep the winners big and the losers small, and stay nimble, “Skip Lightly.”