Last week we reduced exposure in the Paper Trade Portfolio prior to the long weekend. Trades were described in the above commentary.
The markets were closed on Friday when the Labor Department reported non-farm payrolls rose by 236k which is below the estimate of 240k. The unemployment rate dipped back to 3.5% while the labor participation rate climbed to 62.6%. We will see hoe the market reacts to this data today.
There were not many really good swing trading set-ups found to start out the week so managing the portfolio with be the focus today. We did find several companies for the Horizons List which will be monitored for potential candidates to be moved up to the Watchlist.
With that being said the utilities sector showed some strength last week which propelled the price action of Southern Company above its 200-day SMA.
Look for further confirmation to see if price will bounce off the 200 SMA forming a level of support. Stop limits may be found at the Resistance level around $74.00. Swing trading is based on patience and follows a trading plan in order to manage risk. The more emotion you can take out of the process, the higher probability of a successful outcome.
Have a great day! This information is provided for educational purposes and is not a recommendation to buy or sell a security
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