by Guest Author David Grandey, All About Trends
Another Monday, this time August 30. And here we are yet again back to where we were a week or so ago. Net result of the past week? Nowhere. We have had a volatile range-bound trading on pre-holiday low volume. Tuesday is the ADP employment report so we’ll see what that has to say. Personally I’d have to say that we will chew around all week with lower and lower volume coming in as we go along toward the long holiday week-end. That all makes for AMPLIFIED moves in both directions.Let’s look at the indexes:
Now let’s see how some of the leading stocks are faring:
Just like the indexes, each of these leaders has simply traded up to resistance with the stochastics overbought.
Given where we are technically one may want to consider laying low with new purchases this week because low volume pre-holiday periods. Keep in mind brick seawall resistance is just above. Coupled with tomorrow is the end of the month and we have more economic news coming in the form of ADP report, ISM and Fridays jobs report — all of which makes for potentially more volatility.
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About the Author
David Grandey is the founder and CEO of All About Trends, a subscription based newsletter service focused on helping individuals secure consistent profits in the market by trading what they see, not what they think, hear or fear. The focus is on how to trade uptrends, downtrends and changes in trends. All About Trends offers a free newsletter at www.allabouttrends.net and a free report — “How To Outperform 90% Of Wall Street With Just $500 A Week.”
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