Swing High

What a week we had in the markets today. On Monday and Tuesday it looked like we were seeing the beginnings of a double top formation. Instead, good earnings led to the markets punching out new highs for 2009. Friday was bearish, however, and we did close under some major resistance on the daily, weekly, and monthly time frames. On the daily, we closed under our rising wedge formation. On the weekly, we have an unfilled gap in the 110 area on the SPY that goes back to October of 2008. On the monthly we have a major bearish trend line that we are sitting under at this point.

Some of my recent trades include: SPXU, UPRO, BEE, CVM, EDAP, FBC, MESA, MPG, and WAVE. These are all reviewed in the Weekend Review videos to follow.

We are in Earnings Season, so be careful! Over 500 companies are due to report this week. It is not prudent to hold your position through earnings. You can check your stocks’ earnings dates and times on FINVIZ.com. Also, be wary of some major Economic Reports coming out this week. Those can be checked on Bloomberg’s Economic Calendar.

Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage risk appropriately.

Happy Trading,
Jason

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