Bill Poulos is a Greek American Investor who was born and raised in Detroit, Michigan. He met his high school sweetheart, Karen Asquini, in their neighborhood. Bill and Karen were married in 1969 and soon after they had three sons. While raising his boys, Poulos started investing and studying the markets in the early 1970’s. Poulos had a long career as an automotive executive with General Motors. In 2001, Bill retired from General Motors and began his own business with Gegory Poulos, his son. The company is Profits Run, Inc., a financial publishing company specializing in financial education. Profits Run shares investment practices for proper wealth management. Bill holds an engineering degree from GMI and an MBA from the University of Michigan. He contributes regularly on economic trends like this article where Bill applauds Jeff Bezos management style. He Today, Bill and Karen live in Michigan where they enjoy spending time with their two grandbabies.
One of the most difficult things in trading is to learn to be patient in our trading. When the markets are not trading in a deliberate fashion, we need to make sure we can hold on taking trades that are not setting up the way we want. If we try to manufacture trade setups, we may find ourselves in trades we should not be. While this is not what we want to do, it is best to wait for the deliberate setups to happen before we trade.
Last Friday, we saw the markets gap higher and then the first of the week we saw prices continue to move up. Today, we saw a strong down day as the bears came into the market to push things lower. This may be the beginning of a down cycle as the price moves down to the area of support. Once this happens, we may see another run higher as investors begin buying again.
This week we saw some economic reports about the retail sales numbers as well as members from the FOMC speak about the economy. We know that news can come out and cause the markets to move but when the Fed speaks, we can get even more volatility that with just a regular economic report. The markets are still concerned with what is happening with the future of economic growth both in the US and globally.
While the regular scheduled news events are causing markets to move, the unexpected news is what is really causing volatility. The market is still sensitive to the US-China trade issues, the impeachment inquiry into President Trump and military happenings overseas. Because of this you will want to make sure you are using good risk management in all your trades.
This week we are going to look at the chart of the DJ-30:
On the daily chart of the DJ-30 you can see an example of how the market will cycle both up and down. This week it looks like we came to the end of the last bullish swing high and on Friday we saw prices drop. This may be the start of a pullback that may take price back down to the areas of support. The first area that may be tested will be the 50-period simple moving average. After that, if it breaks through, we could see it test the lows of the last swing down. If it breaks this low, we are likely going to see a more extended move lower.
Remember, October can be a volatile month especially with the start of earnings season. This will have an impact on our trades so make sure you know when the earnings are coming out for the stocks you are trading. As always, make sure you are using good risk management so if something unexpected happens you can be protected.
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