Morning Market Briefing – Drifting Up

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Morning Market Briefing – Drifting Up

Morning Market Briefing

Morning Market Briefing – Drifting Up

December 9, 2020

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The SPY and the QQQ both made new all-time highs on Tuesday with their lowest volume (full) day in the last two months. The VIX seemed to confirm the move, at it drifted down toward its four month lows. If there’s a move down in the rest of 2020, it appears we’ll need some volume selling to get there. Traders might do well to find some recent laggard names rather than chasing new all-time highs in individual names.

Pushing toward the end of the year, it’s a good time for reflection. How much did you grow as a trader this year? What did you learn? What did you struggle with? In addition, what goals are you setting for 2021? With three weeks left to go this year, start reflecting on these questions and forming your game plan for the next 12 months.

All-time highs on very low volume. Bulls continue to be rewarded and those seeking a pullback for entries continue to be frustrated.

Similar price action to the SPY.

Watch List

Symbol Why We’re Watching
WMT Strong day Tuesday after a recent selloff
SQ Double top forming or push to new highs?
AMD Continues to see solid options action. Price hasn’t caught up. Yet.
AAPL 125 key area for next push up.
ZM Tightening price action, watch for move above 8 EMA or below 400

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Symbol Idea Direction
JPM Long
V Long

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