Last weeks market pullback was really a one day event, however, Thursday’s price action certainly got everyone’s attention.
I purposefully waited until after today’s (Monday) close to write this update to see if the pullback had any serious follow through. It didn’t, at least not yet. Today’s price action was very positive but know that one day does not make a market.
Continue to hold all open positions.
My recommendation is to hang tight for a few days before adding to open positions or adding any new positions…well, kind of. Let’s let the market tell us what to do. Right now it is screaming to be patient…almost.
I don’t know about you but I’ve got stuff arriving on my door step almost every day from Amazon. I’m even buying stuff on Amazon even though I’m not much of a buyer of anything except lunch and golf balls.
Amazon.com Inc (AMZN) daily
Price has corrected 6% down into a nice support level (intermediate support) from February 2016 and bounced nicely. I’m recommending it and I’m buying a position tomorrow, Tuesday. Risk is a couple of daily closes below green upwards sloping trend line…relatively low barring any crazy events.
If you have any questions or comments I’m only a phone call or email away.
Trade Smart,
Don