Trading Day Recap - Friday, 1/19/24
What a day!
From my experience markets love to rally on Friday’s and it had been a while since we got one of these one directional rallies to close the week. But to those of us who caught most, if not all of that rally, it is a great way to close out this holiday short week.
I waited until 10 a.m. for UMich consumer sentiment data to drop before placing a trade. When the UMich sentiment came in with blowout numbers and an inflation number lower than expected I was looking for a long into the market. When the ES bounced off the 50EMA to form my primary edge I went long the NQ right there. Even though initially the NQ fell for the next 5 minutes it did not come close to taking out my stop and we rallied from here. I closed out my trade for a little more than R4 in the black for the day.