With earnings from banks outpacing even ambitious expectations, there is one word that describes this market. Momentum. After a short pullback at the end of last month we have seen the market extend this epic climb and right now it isn’t showing any signs of letting up.
Today brought good news from the financial sector and also positive news on jobless claims. The market has really been a driving force with untampered optimism for recovery from the pandemic. Even now, with rumblings of issues with vaccines and spikes in cases, traders continue to look forward and drive this climb upward. This leaves us with two key points to pay attention to.
First, how can we leverage this upward move to get the biggest possible return? Momentum patterns are great tools to spot the stocks that are breaking out and outpacing the direction of the market. By understanding these set ups and using them to get in early, there is big money to be had. Couple that with low volatility creating cheap options, when a stock does take off the options can be very lucrative.
Second is the ever present need for caution. While we can’t deny the trend we have to be diligently aware of the potential for a reversal. Again, momentum patterns are great tools for identifying when the trend is running out and exhaustion is setting in. If you want to brush up on these patterns and even learn some new ones that work with amazing reliability, grab the book Lee Gettess offered early. It is the perfect quick read packed with effective patterns. If you missed it you can still get it here.
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