As news flow from the Hurricanes has died down the market has adjusted itself into new highs. Volume is running in favor of the upside for now and is a good sign. Nothing is overwhelmingly saying we are going to explode to new highs. We continue to see positive action from stocks and perhaps they are waiting and hoping on tax reform from Washington DC. We do not care the reason for the move as long as we are in the right direction. Our focus is on price not on DC and its cronies to make something happen for us. Control what is in your power and ignore the rest as noise. Trend is up and our stops are in place to protect us from any downside.
The next big event we have coming up is the Federal Reserve meeting concluding next Wednesday. Odds still favor a March 2018 hike, but certainly anything is possible. Will the efforts to clean up after Harvey and Irma spur rapid economic growth? It is possible. We just are not going to try and figure out every possibility there is known or even think of the unknown. What is in front of us matters the most. We control our risk through position sizing and exits.
Quick commentary, but we are in an uptrend looking to make more all-time highs. Stops are adjusted and in place to shield ourselves from any massive downside risk. We are not going to overcomplicate things here. Keep them simple. Simplicity wins. Complexity exits to sell you an overpriced product.
Good luck in your trading today!
