Hey friend,
Not much on the economic data release menu today ahead of the long weekend.
Fed Chair Powell is due to give a speech on Sunday, something that could reveal more clues on the Fed’s true outlook on the markets and economy.
Let’s see how markets have been moving.
The Daily Direction
Note: Indexes closed basically flat yesterday – keeping all index directions unchanged.
The Daily Nugget
Exit on a plan – not a feeling
For a while now, some traders have “felt” that the rally was overheated.
And now that it’s taken a pause, and could even move into pullback territory…
The “feeling” that the rally is about to end has become even stronger.
Throw in the typical fear mongering by the mainstream media…
And we will likely see the weak hands getting “flushed out” in the coming days.
But savvy traders don’t exit because of a “feeling”…
They exit because that’s what their plan told them to.
And as Head Trader Ross Givens showed in his morning newsletter – the market is still healthy.
The plan says it’s not time to exit yet – regardless of the “feeling”.
And as Ross also pointed out…
The “flushing out” of these weak hands is what creates breakout setups…
Which is why on Tuesday morning at 11 a.m. Eastern…
He’ll be going LIVE for a strategy session to give you the lowdown on what he’s seeing in the markets…
As well show you exactly how to target these explosive setups.
We’ll be sending out the registration invites Monday evening, so keep your eyes peeled.
Enjoy the long weekend.
The Traders Agency Team
