So this was an enjoyable holiday. I left on july 9th, with some thoughts on the market.
As I return and analyse the happenings during the 3 weeks, I saw some pessimism on economic outlook, but also some cheer and joy on the Quarterly earnings releases. The latter won and pushed the markets higher, and posting in 3 weeks 2 higher highs and 2 lower highs. With my ‘holiday period portfolio’ this would result in 8,7% gain. But as we were in a downtrend the risk was to high to take the shot, without having access to the market for 3 weeks. It confirmed my trading style as a ‘swing trader’ in which I focus more on weekly, 2 weekly life-time of a trade.
So, what’s next ?
SPY is above the 200d MA and testing the 113 USD resistance level. If it breaks, we might be heading for 117 and a possibility to grab a nice swing. This can be backed with a nice rise of the China market and Oil trading higher. This pure technical, as a housing bubble seems to bother China and the industrial growth seems to take some gas back.