The Street is clearly banking on this vaccine. Last weeks session brought $SPY 22c away from its newly printed ATH’s. Friday was a half day coming off the market closure for Thanksgiving, which presented the boys with an opportunity to take advantage of the degenerate chasers sitting in front of their screens. After $SPY gapped up in the PM session, the ETF filled its gap into the half-day close.
The selling to wrap up the weeks session, was met by a late bounce into the final 30-mins of trading. After the run-up on the 9th of November, the market took profits and has steadily made its way back to highs.
At this point, lockdowns and COVID cases aren’t looking like enough to hold this market down. A pullback here and there, certainly, but a trend reversal; doubtful. However, don’t be too worried bears, shares are always being unloaded by the boys in tiers to take advantage of.
We’re about to wrap up the final trading day of November; which brings us to the final trading month of this historical year. The easy money made off March lows by market newcomers, has since shifted accounts. The one aspect of this business that most newcomers aren’t familiar with, has been exploited; causing unrealized gains to be turned into realized losses. September and October’s deep pullbacks, shook out those unaware of market structure. November has been setting up what looks to be a solid run into the end of a year for the books.
We’re expecting the usual dance around highs in the early part of the week, with a dip before cracking through the 9th’s resistance.
Let price come to you.
With that said, as always, keep it simple; if this, then that.
Remember, it’s chess, not checkers – be patient and trade only clean charts with crystal-clean A+ set-ups.
***This is our Sunday scan for the week, if/when a pre-determined entry level is reached, we’ll put on risk; otherwise, we patiently wait.
We’ll be looking at the following securities throughout this week’s session in these sectors: Consumer Discretionary, Health Care, Materials, Technology
$ARCT, $CHWY, $CVNA, $ECL, $ETSY, $LLY, $MRNA, $NVAX, $SFIX, $SPOT, $VEEV
Keep an eye out for our daily Trade Ideas throughout the week, where we share the stocks we’re looking at for the day’s session.
Members will be getting a video breakdown of our entries and exits in securities on both the Watch List and additional daily Trade Ideas.
As always, remain patient; all you need is one. Manage your risk properly and cut your losses quickly.
If you would like to know more about how we trade the market here at The Street Trading, reach out to us and we’ll get you started.