Sunday, December 23, 2012

Christmas Week Setups

Some crazy stuff Thursday night on Wall Street with the huge drop in futures and a lot of fear on Twitter and Stock Twits, but really, it didn't turn out that bad.  I was a little worried as I was fully invested going into Friday and expected the worst, and while my account was down, I thought it could have been a lot worse.  As of now, I am holding a long position in AMZN because my stop has yet to be hit, but that's it.  Although the market did end up lower on Friday, the way it bounced back and finished off of its lows was relatively bullish.  Again, it could have been a lot worse.  

Going into the week, I am simply looking at things from a day-trading perspective because of the schedule (half-day Monday and off on Tuesday) and the likely very thin volume that will accompany trading.   There are some setups I see that look interesting, but it will be one of those situations for me that I'll be able to tell in the first half hour if I want to make some moves or find something else to do for the rest of the day.  If you see a lot of reversals and whipsaws early on, you can have a pretty good idea that it isn't worth doing much because the computers are running things.  

The charts I will be watching are below.   Have a very merry Christmas and enjoy the time with your friends and family.  Take care. 
Charts Courtesy of Worden Brothers, Inc.

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