Morning folks. Futures gapping down across the board 1% over tensions overseas. Silver ( slv ) , Gold ( gld ), and Oil ( uso ) are showing good strength especially oil which is up nearly 7%. It will be interesting day today as we dont often have a dip day. Many of our last few gap down mornings got bought up by afternoon. As we have seen in the last so many months it seems that geopolitical news is usually the only thing that gives us the red days but as we had in dubai, europe, egypt those dips got bought heavily. If the market is gonna turn and have a sustained 5-10% pullback follow through will be key. Today will most likely mean nothing. The pullback will most likely start if the market can stay down today and we follow it up tomorrow with another leg down breaking levels of support (20dma, spx 1300). till then we just have to manage our risk and wait for confirmation.
Be careful not to overload with too many swings today and also to chase these big gap ups in the commodities. The stocks in the sector will be in play for daytrade but adding big swings in oil stocks first thing in the morning when USO is gapping up 7.4% is tough. make sure you time everything perfectly
here are some stocks im watching.
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