Another Volatile Week
As I prepare for what's shaping up to be another volatile week, here's a few cardinal things I like to keep in mind.
1) What's our economic situation like? Part of the reason I expect some volatility this week is due to the number of economic reports we have. There are several sites you can visit to find this information. We have new home sales today at 10EST, consumer confidence tomorrow at 10EST and the number I'm really looking for is on Friday, the GDP numbers at 8:30EST. I do my best to not step in front of these reports.
2) What companies are preparing earnings reports?Part of my trading plan includes avoiding day or swing trades on companies that are about to post earnings. These numbers, along with their reaction can be hard to judge and it's best to just avoid them.