Last Monday I stated that the markets would finish up for the week. Well the DOW was at 8516 on Friday December 26th at the close. Wouldn’t you know it that the DOW finished this week’s short trading session at 9034.
What a day Friday was to start off the year. It open up, dropped down and went up from there all day long. It looked like everyone couldn’t wait to start a new trading year. Who knows where the coming week is going to take us. I’m hoping that it will finish in the 10,000 range, but of course that’s asking too much, or is it?
We have about two weeks before Barack Hussein Obama takes office and there’s a lot of uncertainty about what his administration will do in the few few days of office. He’s been working on a stimulus package while vacationing down in Hawaii. It’s reported to be in the $750 Billion range. Quite a bit of focus on the infrastructure of the country, but we’ll just have to wait and see.
As for what I have in mind for the coming week. I’m going to take profits where I can and wait for some new buying opportunities to get back in on the stocks I took profits in already. In the Month of December, I gained 25% and I don’t want to lose any of it to the uncertainty in the markets. Good luck to all that are out there and happy trading.