Swing High

The markets are higher today which comes as no surprise after the good economic reports this morning and the short term over-sold nature. This morning, Jobless Claims and GDP reports beat expectations and certainly acted as a catalyst sending us higher today. The VIX is bleeding out nicely as fear is leaving the market today. The TICK and TRIN are obviously bullish.

So is this a sympathy bounce or a swing low? There is no confirmation either way at this point in time, but confirmation may come tomorrow or early next week.

Last night I dumped SPXU for a healthy profit on the day (in at $44.02 out at $46.22 for a 5%+ gain). I thought it would be prudent not to hold that position over such big economic news. I was proven right today and my “insurance” paid well. This morning I traded TNA long from $38.27. I was stopped out at $38.75 on a healthy bull pull back which leads me to believe that my stop may have been a bit too tight. The reasons behind my stop decision are under consideration.

Thanks for being a part of Swing-High.com! Always trade for a stop loss (even if you get stopped out) and manage your risk appropriately. Check back this evening for your post market analysis.

Happy Trading,
Jason

Tweet This Post