Morning Market Briefing – Melting Down

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Morning Market Briefing – Melting Down

Morning Market Briefing

Morning Market Briefing – Melting Down

December 11, 2020

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Wednesday’s session left us well off the recent highs, and Thursday didn’t get us much closer. Anxiety about lack of a stimulus and a no deal Brexit, combined with a needed technical retracement, had stocks selling off the past two sessions, led by tech, as we so often have been in 2020. Friday will set the tone moving into next week, with early action suggesting another pull back day.

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.

Wednesday’s engulfing candle needs to be dealt with before we move back to highs. Possible we don’t get there until 2021.

Similar price action to the SPY.

Watch List

Symbol Why We’re Watching
BA Caught between the 8EMA and multiple rejections of 240 price level
WFC 30 key resistance on deck
AMD Continues to see solid options action. Price hasn’t caught up. Yet.
AAPL 125 key area for next push up.
TWTR Huge session Thursday, could be poised for retracement

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Symbol Idea Direction
TAP Long
VZ Long
UAL Long
MGM Long
BAC Long

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