Energy was back in the headlines as crude oil jumped nearly 5% on the day. Small caps stocks continued their run as the Russell 2000 closed higher for the 11th session out of 12. Volume ended the day mixed as NASDAQ volume fell while NYSE volume just inched higher. We would love to see a pullback and consolidate these terrific gains. Today was also a quiet day for intraday opportunities. Despite the lack of opportunities intraday we still saw plenty of traders looking for action. No matter your timeframe you should never force trades just to make them. A solid start to the week and while we’d love for some consolidation we will simply go with the flow.
This week will be a holiday shortened week and not only will we not trade on Thursday it will be a half day on Friday. We won’t be expecting too much out of the market given the extended nature of small cap stocks. A group we may see improvement is in the NASDAQ 100. FB was able to retake its 200 day moving average. AMZN, GOOGL, and AAPL all saw support at their respective 200 day moving averages. MSFT remains near its all-time high. The NASDAQ needs to play catch-up with the Russell 2000.
Keep grinding and enjoy this holiday shortened week. We’ll enjoy our time in the chatroom looking for potential intraday opportunities.
