Swing High

Hello Traders,

This morning, Johnson and Johnson (JNJ) reported mixed earnings which led to some indecisive trading throughout the day. We did make a lower low and a lower high today, but volume was light. I do not think we have started a new down leg at this point. We will more likely see a slight pull back here, a high base, or some other form of consolidation. Of course, if one of the major earnings or economic reports due this week are much worse than expected, that could be the catalyst that sends this market lower. Remember, the fundamentals are still atrocious, but the technicals are not pointing lower this evening.

In fact, Intel (INTC) just reported earnings. They beat by $0.05/share. After hours, the SPY has popped back up to the 108 area. We could see a retest of the highs of 2009 tomorrow.

Keep in mind that tomorrow morning at 8:30am we have Retail Sales being reported. Also, on Thursday morning at 8:30am we have CPI and Jobless claims being reported. This week is jam packed with important news. As of now, I do not plan to make any more trades this week; I plan to sit on my hands until next week. If the markets decide to make a decisive move, however, I will consider trading it.

Keep your heads down this week traders, things could get hectic in either direction. Plan your position size accordingly and make sure to trade with a stop loss. Thanks for being part of Swing-High.com!

Happy Trading,
Jason

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