Trump Stalls Equities 7-23-18
Whether or not a reversal is in the making is the big question.
On Friday, markets were significantly positive until Trump renewed threats on 500B worth of tariffs on China, which resulted in a slight close lower on QQQ. With the president going after Iran etc there is significant Geo-political risk. Apparently earnings are the week focus, so in the case of Nasdaq, Facebook and Google earnings announcements this week should be important.
Frankly, with something that has been so resilient in the past as the nasdaq has, when I see one of these triangular consolidations formations I tend to bet on continuation. A down day today would mark the 4rth straight day of losses in this issue. In addition, the S&P 500 and Dow Jones look fairly resilient. The Russell 2000 is attempting to go higher but having difficulty...this has been a leading indicator.
Still if one wants to exit one's position or lighten up, I would aim to take profit at the higher triangle boundary.
On Friday, markets were significantly positive until Trump renewed threats on 500B worth of tariffs on China, which resulted in a slight close lower on QQQ. With the president going after Iran etc there is significant Geo-political risk. Apparently earnings are the week focus, so in the case of Nasdaq, Facebook and Google earnings announcements this week should be important.
Frankly, with something that has been so resilient in the past as the nasdaq has, when I see one of these triangular consolidations formations I tend to bet on continuation. A down day today would mark the 4rth straight day of losses in this issue. In addition, the S&P 500 and Dow Jones look fairly resilient. The Russell 2000 is attempting to go higher but having difficulty...this has been a leading indicator.
Still if one wants to exit one's position or lighten up, I would aim to take profit at the higher triangle boundary.
Comment:
Nasdaq is currently testing the triangle boundary from above. This is a critical point, would be a good place to go long if you're betting on continuation. A failure will get me out of this trade.
Comment:
Nice to be long today. Weeeeeeeeee!!
Trade closed: stop reached:
Was stopped out of my trade at a good profit today...but still, had I not been sleeping I would have saved a significant amount of money. Not again.
