How to Trade Before Labor Day
Posted on September 2, 2010 by trader21 in GLOBAL CHART ANALYSIS
MARKET ASSESSMENT
Another solid day of gains for our open positions. Volume dried up late in the day and is expected to be mostly quiet until Tuesday after labor day. Due to the fact we had such a nice entry point on most of our positions we are now set up too go higher with some very nice profit cushion to back us up. Every one of our open positions is now in the positive and the few that got stopped out have also ramped up. Even though it hurts to get whipsawed out of those nice setups like CMG, NFLX, and more recently CREE, WYNN, and NKTR we would rather take small 5% losses than have a small loss turn into a big double digit loss. This can happen in a matter of days.
OPEN POSITIONS
It’s not a bad idea to start moving stops up to lock in gains. As always feel free to lock in gains as you see fit but we will be adjusting our stops soon
NEW SETUPS
We aren’t willing to press our luck when a majority of the market will be starting their vacation early on Friday.
Thanks,
Global Chart Analysis
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