Weekly Stock Charts

Jonathan Parsons

Dec 3rd 8A Update: Been trapped in moving hell for the past month. Hopefully I won't have to do that again for 10-20 yrs. Spent this week getting back up to speed & trading slowly. So, what's going on in the markets? Powell (incoming Fed chair) indicated more rate hikes in the future & money pivoted off of his statement. Banks love higher rates & tech hates higher rates (at least that's the popular mantra). Whatever the reason, banks ripped and tech tanked. I was in BAC calls from 15c to 97c. (Those calls traded as low as 7c and as high as 1.30-ish). And then played some Fri lottos from 12c to 20c. Boom! Pretty much anything in fin-land was on fire, industrials (esp. transports), and even some energy names. The tricky part was the ABC news story that took down the markets on Friday - I always have protective ATR trailing stops on so many of those (about half) got tripped. It's annoying, but that's the price of protection. 1 of these days, the drop might be longer than a few hours! So, what's next....keep an eye on the rotation of the week. It can change week-to-week and sometimes dramatically so. You'll see what the big boys want on Monday and then adjust from there. Be flexible. Use stops. Look to buy minor dips in strength and sell weakness. Good luck out there!

Z - $VXV-$VIX - Daily Area, 900

Z - Put/Call Indicator

Z - SPX McClellan Osc

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