As we expected going into this week, the daily chart was charged back up and would release at some point.
Admittedly, I thought Wall Street would release more on Black Friday news, but we started the week off with a big move and walked upward slower over the last 2 days. The daily chart has bled out a decent amount of the energy, but there is enough for a “pop” on Friday if the numbers are good. That will take the rest of the energy out of the chart and we will have reached our next step in this stairstep move upward. We are little more than halfway through the weekly move, so still a few more weeks to go on it.
So far, all of our trades have fired for the week, except the AMZN spread. We called it right that AMZN (NASDAQ:AMZN) was ready for a run higher, we just could not get the put spread fill as it took off this week. We will watch for the energy to bleed out and sell a call spread when it reaches that point.
Friday will be a short trading day and Wall Street will be interested to see what we get with low volume going into the weekend. Several good opportunities for us to get into going into next week.
Have a wonderful Thanksgiving and see you in this weekend’s newsletter!