Traders start to take profits as this week will be flooded with loads of economic news. Many stocks are in overbought levels, and with the many economic datas plus pre-earnings seasons, some investors would rather take profits than bet on these datas.
A normal drop after a Bullish marabuzu. There is no confirmation of trend reversal yet. But it is apparent that stocks are obeying that trendline resistance level.
Only economic data can cause a drop in this crazy rally that has erupted since early september.
Financials are once again missing out the rally. BAC is back at $13.2. I will buy more BAC if it dips below $13.
LVS exploded above its resistance. Very bullish, but highly overbought.
Tempted to make bullish trades, but I think it is safest to wait for the economic dust to settle. Tomorrow’s CB confidence can give us a hint of what the week’s trend is going to be.
Happy trading.
Watching US STEEL, BAC, AA.
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