Above Average Trading Range, Again!!
Let's quickly wrap up the week and look ahead to next week.
Economic data was very strong this week. The Fed also delivered more upside potential by putting the "at least" in their statement.
Next week is fairly light on the calendar, with a few appearances by Bernanke that look to be not market specific. Recently, the markets have gone up almost every week that economic data has been light. (And when there is a lot of economic data, the markets go up as well). So as for now, expect the SPX to head to 1410 and above.
Technically, we had above average trading days in equities and that led to above average trading ranges in forex. When we have above average trading ranges in forex, the BUFFALO BOUNCE becomes a highly used strategy. Check it out on the GBP/USD:
Trading Psychology tip for the week: low volatility markets test your patience, but there are still trading opportunities for all trade types. Be encouraged if you are trading well in these markets for volatility will return, someday....
Happy Trading and Be Environmentally Cool
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