It was another week soundly controlled by bulls in the equity market, as speculators on a sugar rush and investors alike grew more confident in their bets, long-term outlooks, and price targets. A quite stodgy mega cap firm like Johnson & Johnson (the breathtaking monthly chart, below) is now up twenty weeks in a row and may as well be the poster child for a market that has never looked back since the ghosts of the Fiscal Cliff drama last New Year’s Eve seemed to get everyone spooked.
Looking out to next week, a sound overall approach combined with an arsenal of setups is the best way to negotiate a runway market which may be very stretched on longer-term timeframes, but perhaps not as much in the short run.
I will cover that and much, more more, including specific trading ideas and in-depth analysis, in my Weekly Strategy Session, set to be published on Sunday. As a reminder, members of the 12631 Trading Service inside The PPT receive the Strategy Session included in their membership at no additional cost.
See you there, and have a great weekend.
_________________________________
man, you are amazing source of great images, how come?
I get lucky sometimes and stumble onto something.
Holy crap on the JNJ! Thanks for pointing that one out. I am going buy some Monday morning, see if I can make it go down.
I am going to intentionally try to lose money on the long side on Monday morning. Seriously. I just want to see if it is possible anymore. I might have a shot here. Wish me luck.