Weekend Wall Street #24 - Trade Ideas for 12/27-12/29
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First and foremost, I hope you and your families all had a very merry Christmas and enjoyed your breaks.
I was supposed to return back a while ago, but due to major issues with Southwest, I just got back to the desk, hence the delays in articles, so thank you all for being patient with me.
Here is the Substack plans for this week:
Tuesday 12/27/22 - Weekend Wall Street
Wednesday 12/28 - My Top Trading Tools + Books I Use
(and the one you all have been waiting for):
Friday 12/29 - My 15 Trades, Sectors, and Predictions for 2023
If this intrigues you, and you are not already subscribed, feel free to do so below:
Alright, this week is a short one and it’s the last one of the week, so it’s a low volume one. Another thing to note is that it’s the official “Santa Rally Period“. Based on historical data there’s a 60% greater likelyhood of a bullish week. Possible reasoning behind this is that hedge funds and institutions are on vacation, leaving the market to retail investors who tend to be more bullish overall.
Also, you know what the old saying is - “never short a dull market“. This week I will only be scalping and not holding trades for too long. Intraday levels will be key and I think this is a good week to kick back and just enjoy the end of the year.
Here is the (thankfully) boring economic calendar for this week:
The S&P 500 put in a rare double inside day pattern which shows a tightening and consolidation of price action, meaning a large move is in store for tomorrow, here are my levels: