Sunday, January 2, 2011
The Week Ahead
The week ahead, the first trading week of 2011, is going to be crucial. According to The Stock Traders Almanac, when the five days of January were up, the rest of the year was up, in the last 32 out of 37 years. That's a pretty good track record. And while historically the first day of January is not so hot, the fact that right now (7:45 PM EST) all three futures (ES, NQ, and YM) are up about a third of a percent, following their sharp rise in the closing minutes of last Friday, I'd say the odds are good that we'll see some positive action over the next few days. Accordingly, I'm leaving the green swing trend arrow in place for now.