Morning folks looks like is poised to open slightly higher today amid investors awaiting the next batch of earnings reports and new home sales data at 10am. USO (.5%) GLD (.55% and SLV (3.4%) both getting some action premarket. We are witnessing a parabolic move in silver SLV, does it mean that it crashes? probably not but typically when a stock starts to get so extended from its major moving averages there tends to be a reversion to the mean type of trade in the cards. The markets themselves had a fine week last week we finally saw a bid in the tech market with the QQQ ‘s leading the way. We have thought for a while that for the market to be able to sustain itself we would have to see some rotation out of some of the momo sectors into tech. That bodes well for the market. We are starting to snug up against resistance in the s&p in the area that we have stalled 2x so far so its an important area to watch. This is not the spot to start loading up on new swings but a spot to raise stops on old ones ( or take profits) while you wait for the market to show its cards.
SOME STOCKS IM WATCHING
