So the market said “whatever” to all the negative data that
came out today. Retail sales were lower
than expected and the Empire State Survey new orders were down. The IMF also
lowered its forecast for global growth and for U.S. growth. Despite all this data the market was on fire
today and I was able to take profits on my DNKN trade that’s been lagging for
over a week. I also saw the opportunity
on WMT when it did a classic pullback to support levels from yesterday. I drew my trend line in and waited for it to
pullback to it. After the green
candlesticks starting showing up I pulled the trigger and got in. I rode it all the way up to the top until it
started leveling off sideways. Once it
tested the resistance level twice I decided to take profits rather than wait
for another rally and boy was I glad I did that. It’s off the highs of the day now and has
flat-lined. It may go up but a bird in
the hand is worth two in the bush. Plus
I get to go workout early today.
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