Morning folks…santa clause has come early today unless you sold out of everything yesterday and now are chasing to buy it back (big no no). Futures are gapping up across the board 1% plus on all indexes on some decent data on the ADP along with strength overseas in Asia over china PMI. Crude Oil $uso up over 1.5%. Lot of oil stocks were bullish on my scans yesterday even with oil down. Expect some strong breakouts today in the sector. GLD also looking strong.. as we saw yesterday from $uxg $mdw $aau ton of gold stocks are making a momo run. We might have another day or 2 as traders chase the ones that havent moved.
we do have some data today
At 10 we have the ISM Manufacturing Index and Construction Spending, at 10:30 the EIA Petroleum Inventories and this afternoon at 2 the Fed’s Beige Book. Also, we have motor vehicle sales reports
the first of December usually has positive seasonality factors. Going long yesterday was probably the play instead of chasing todays huge gap. Upside target is SPX 1200. Downside 1174 (for support)
mhr, exk, twer, cytr
also ton of gold and silver plays setting up…. subs i got a detailed video watchlist on how to play them.
azc, pal, mgn, io, urz, gmo, lei all on watchlist