Hey Guys,
The market ended up breaking out of the channel that it had been in for the last week or so. That means the market is, for the time being, no longer in that ping pong range. It's in the midst of an ascent. Will it go all the way back to its previous highs and beyond? There is no way to know for sure. It has a track record of doing that over the last year, but we are definitely not out of the woods on the volatility yet and there's never any way to be sure of the future.
I had five positions close for a profit since I emailed yesterday. One of my futures positions reached its profit target yesterday. And this morning, I closed out four different stock positions that reached their time limits, all for a profit. In the main account, I closed out my WFC and MPC positions, each for about a half-sized profit. In the low-priced account, I closed out my KO and MRK positions, each for a bit more than a half-sized profit. It's nice to see some profits stacking up after that tumultuous market volatility we had in January.
I haven't picked up any new positions today. The watch list is quite thin right now. The reason it's thin right now is that my core trading strategy is based on trading stocks that are in strong uptrends. The market just went through a major drop that dragged most stocks along with it, and that disrupted the uptrend pattern for a huge batch of stocks. So for the time being that limits the stocks that meet the criteria of my trading strategy. As more time elapses, we will see more trading opportunities.
If you have any questions or feedback, I'd love to hear from you.