This had to be one of the dullest weeks of trading! I say that but the week before that was also dull, and the week before that as well. This is truly what the “Dog Days of Summer” is supposed to be about. Volume is anemic, there is a “whatever” kind of mentality coming from the market and consolidation is the name of the game.
With that said though, Monday through Thursday was spent in a range that has spanned over three weeks, but Friday’s employment number effectively broke the market out of that range.
The positives coming out of this week: We didn’t trade Disney (DIS)
I kid, I kid…
We come out of this week with some budding momentum that we can carry into the week ahead with the market trading at new all time highs. Netflix (NFLX) has the potential to be a very nice trade for us if it can build upon the momentum seen on Friday. Chevron (CVX) has yet to get its car out of the garage, along with International Paper (IP). But I’m a huge fan of what is developing with the Caterpillar (CAT) bounce and Facebook’s (FB) bounce as well.
There are lots of trade setups out there to still be had and I expect next week to be a busy week and I also want to add 1 or 2 short positions to the portfolio with certain trades that are clearly running out of steam.
Lets build upon the start that we have had so far this month into the week ahead.
I’m looking forward to it.
