Today was a very good and powerful day for the indexes. I'm calling the breakout on the SNP 500. This should lead to more follow through buying next week.
Strong earnings from MCD propelled it's shares higher by almost 4% today to an all time closing high.
MCD had also been consolidating in a range for awhile and has broken above it. It is okay to buy this breakout on MCD as well.
My gold trade is working out so far as we had a textbook bounce off trendline support and the long term bull market support level of the 150 day moving average yesterday and more follow through buying today.
15.65 is a strong support level and is a good place to buy.
All in all, not a bad day in the markets. It looks like we are shaping up to have a nice end of the year rally. It is time to start buying.
Disclaimer: Nothing in this blog should be construed as a recommendation to buy or sell any securities! Please do your own due dilligence before buying any stocks or bonds!