I'm back from my holidays and there's lots to catch up on having not access the internet for 2 weeks! It will probably take me a few days to warm up to the market, lol!
Last week marks the first down week for both the DOW & S&P 500 since it made 7 consecutive up weeks prior to that without taking any breather. The Nasdaq is not so lucky. Including last week, the Nasdaq has had 3 consecutive down weeks. This is a short week packed with key economic data. Earnings announcement is light, with the majority coming from retailers.
Mon: Memorial Day (markets closed) Tue: Consumer Confidence Notable earnings: CWTR, STP, BGP, BCSI Wed: FOMC Minutes Notable earnings: CHS, DAKT, DBRN, JOYG, PSS, RL Thurs: GDP, Chicago PMI Notable earnings: TIF, SHLD, DELL, COST, HOV, CIEN, BIG
Friday: Unemployment Rate, Personal Income, Personal Spending, ISM Index, Pending Home Sales
I'll be travelling for the next 2 weeks and will not be accessing the internet. It will be interesting to see if the bulls are still in charge or the saying "Sell in May & go away" holds true when I'm back end May. Do check out my blogroll and good trading!
Linda Raschke Video: Classic Indicators - Back to the Future
Thanks to Craig aka Taz Trader for sharing this free video link on Linda Raschke at a recent international trading conference. In this video, she gave a background of technical analysis and talked about the 4 forefathers of technical analysis. She also discussed her single most powerful weapon for scalping.
Here's a summary of the similarities of the 4 forefathers of technical analysis:
-Don't average loss -Don't over trade (in terms of leverage) -Don't listen to others; be an independent trader -Don't trade in dull market where volume is low -Monitor price action
In case you don't know who Linda Raschke is, she is one of the wizards featured in Jack Schwager's book- "The New Market Wizards".
Edit: I re-wrote this post as I was somehow unable to publish the content in the earlier post. Only the subject header appeared. Something wrong with blogger I guess. Luckily this is not a lengthy post.
A little busy with things, hence the inactive posting last week. If time permits, hope to have more posting this week, otherwise, you will only hear from me end of the month as I will be travelling for 2 weeks.
This upcoming week, earnings reports are winding down, with FOMC policy statement taking centre stage as usual. I'm of the view that the market will cool off and consolidate early week, after a solid march up, while awaiting for this piece of important announcement. But of course, my guess is only as good as yours and we'll have to take whatever the market gives us.
Mon: Notable earnings: WYNN, FLR, HANS, JCOM Tue: Wholesale Inventories Notable earnings: ERTS, PCLN, HET, MLM, LAZ, PZZA, DIS