The INDU ended its streak of consecutive new highs at 12 today, a record not seen since 1987. All three majors experienced a decent amount of volume today, coupled with a small spike in the VIX to just shy of 13.
We have seen moves like this throughout this run, but today's volume should raise an eyebrow, as it comes just before a Presidential speech. The markets will be looking for any sort of insight into government policies that could impact further growth in the economy, as well as justify or hinder continued market expansion.
We could be in for a reactive finish to the week – based on what is said tonight and the market's reaction. Try to focus on price action and where it moves the markets and not so much over political or personal bias. Your opinion shouldn't drive your trading...only price action should.
See you on Wednesday's Mid-Week Trading Room Update class!
Have a great night,
Your Maverick Trading Team
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