Closing just over the positive side stocks continued their march higher. Volume was up across the exchanges. Gold miners were big winners on the day. GDX and GDXJ had big gains on the day. On the downside we saw Energy related ETFs struggle. Not a bad day for the market overall as we continue to work within the rally, we have underway. IWM has yet to break free from its long consolidation period whereas QQQ and SPY are firmly in uptrends. There are those who think we are still on the verge of collapse and a few who think we are in a multi-year cyclical bull market rally. We would love for this to turn into a multi-year rally. Gains would be great versus a market of chop and slop. What we do know is this market is in an uptrend and we are executing our risk management strategy. We will continue to search for opportunities and manage our risk properly. Wherever this market wants to take us we will follow.
There are a few names that are attractive. While nothing is every quite perfect post 2008 and 2009, we can only trade the market we have. Wishing for better times or another market is a fool’s game and will certainly impact the ability to maximize your profit potential. If you have not been able to make headway with this market and frustrated, you must give us a try. Big Wave Trading has been around since 2007 and we have been trading since 1998. There has not been a type of market we have not seen and cannot handle. Our service provides trade signals and areas to exit the positions. Those who sign up typically take names suitable to their needs. You can take all the signals or just one. What you need is to have a risk management process suitable to your risk profile. While this is not easy as you must have the discipline, but with dedication and effort anyone can do well.
SPY and QQQ are holding their respective 10-day moving averages nicely. It would not surprise us to see a bit of selling sometime soon. We do have the Thanksgiving holiday week coming up soon. Seasonality typically does work. Last year was a bit of an anomaly, but if you were paying attention and stuck with Big Wave Trading you would have caught most of the move off the December 2018 lows. It was a huge move most missed because they were too busy worried about an all-out market collapse. Worry about things out of our control simply does not work. Missing out on huge gains is almost as bad as not cutting your losses.
Stick with Big Wave Trading and help yourself move your portfolio to the next level. Good luck with your trading.
