Santa arrived early leaving a couple of presents under the tree in the form of two surprisingly bullishness trading days at the end of this week. I feel we are overbought and ripe for a pullback but we continue to climb the ‘Wall of Worry’. I am cautiously bullish looking for a retracement at anytime. Take note of the Candles as we approach well defined areas of resistance and if they are indecisive Dojis and Spinning Tops on reduced volume, that will be your indication to lighten the load and take profits. It is still very likely that we will tend to be in a range until the end of the year

TAXES !!!

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Whether you make money or lose money, the largest expense
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MarketTamer.com has arranged a FREE webinar to help
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Wednesday, December 8, 2010 at 9pm ET (6pm PT)

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Traders Accounting—the nation’s experts on trader

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* The taxation of 1256 contracts
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* Trading in a retirement account

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Register now: Wednesday, December 8, 2010 at 9pm ET (6pm PT)

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Have a great day,

Robin

PS: “Treat your trading as a business and it will pay you

like a business, treat it as a hobby and it may have your

cash flowing the wrong way”

As expected, we had a lot of movement this week due to a full economic calendar. My thesis from last week is still intact. I feel we will be in a trading range for the rest of the year. As we move into the holidays, I suspect that volume will lessen as traders spend time with their family. Tax uncertainty still lingers and we may have positions closing in 2010 to capture tax certainty rather than speculating on what the rates may be going forward

This is the time of year that evokes scores of emotions. That’s ok, we’re human beings. I have written frequently in the past of removing emotion from your trading in order to make your decisions based upon objective, non – emotional criteria. However, it is our ability to feel deeply about various issues and care about others that denotes our uniqueness as humans. It seems like so many areas of our lives are encouraged to be efficient with flawless execution, devoid of emotion and subjectivity. We forget to celebrate and embrace our frailty and the frailty of those around us.

MarketTamer is dedicated to helping the retail stock market trader to achieve consistent success in the Market. I have had some say to me, “What are you really contributing to the overall good by showing people how to make money in the Stock Market?” That question made me pause. The answer is that unless you are willing to help others who are less fortunate or struggling with your prosperity, you are failing yourself and those that you touch every day and your success becomes futile.

So, as you gather together with those that you care about this holiday season, look into their eyes and if you see pain and despair, know and realize that you can help them. If you do that, you will truly be “Home for the Holidays.”

After testing the April highs, we pulled back as I indicated that we would in my market analysis from last week.  All of the indexes have retraced and broken the 20 Simple Moving Average which has been strong support since early September.  We are now testing the underside of that average and I feel that we will begin to channel.”