morning folks. futures are indicating a slight gap up so far .55% on the spy. Both oil (uso ) and gold (gld) gapping up slightly also. No real economic data on the calender today as only Weekly Oil inventories are on deck. We also got a very small pomo day (2billion or so). We have been gapping for a few days now so be ready for the gap and fade/sidways move. With no news on deck or economic data that seems to be the strongest probability. I must say with overbought conditions, market right at resistance, along with such bullish sentiment amongst 99% of traders normally this would setup a nice easy low risk shorttrade for a pullback. But we are just not getting it at the moment. We are in unusual times and a very rare envirnonment.
yesterday we had pretty much the same type of day as before. We attemtped to break out of the range we have been in as we tested last weeks highs then just ended up consolidating the rest of the day. With so many different excuses on why we should roll over having anohter sideways day is considered a sign of strenght in my book. When you run into a wall like taht and go sideways for a while your best bet is to trade individual stocks that have great setups as breakouts are still firing on all cylinders. The russell2k did finish at highs which is a good sign. the risk trade is still on for now and smallcaps are breaking out right and left. gold & silver trade was bring HOT HOT HEAT yesterday with huge gains in stocks we traded like AAU, MDW, VGZ. Tough market to have a load of swings..if you are a swingtrader good idea to keep some cash on hand and reposition if we breakout to new highs or get a nice pullback. right now im keeping 4-6 swing positions and then just daytrading.
some stocks im watching for daytrades or 1-2 day swings
locm almost ready too..cant give you an exact trigger as Im not sure..Ill know when i see it though. gonna have to “jedi” trade it.