I hate to sound repetitive, but I think we are in for a boring week this week as the holiday trading environment will remain, with low volume and likely little action. Supposedly Friday is a full trading day, but I can't imagine that trading will be heavy. When you also factor in the "blizzard" that is coming to the East coast, I think there is a very good chance we don't see much happening this week. We are extended after last week's holiday meltup, but as the year concludes, I would not be surprised to see further meltup as hedge funds and mutual funds try to tack a few more percentage points onto their yearly totals. I don't know how much technicals matter in a low-volume environment like this. The beginning of January should be interesting, as this run-up may set us up for a sharp fall, but for now, continue to focus on longs until the market gives us a clear signal that it is not the right thing to do.
Instead of the video, I am just going to share some setups to watch here from the long side this week. My money is in the process of being transferred from Scottrade to ThinkorSwim, so I won't be trading, but if you plan on being active this week, I would stick to short timeframes and be nimble. Hopefully, some of these setups help you out.
Good luck this week as the year comes to an end.
Charts from Telechart, Courtesy of Worden Brothers, Inc.