Mornin folks. Market is looking like a gapper today with the SPY up .7% premarket. OIL is down .26% (uso) SLV DOWN .3%, gld down .58%. Markets looking strong at the open even with moody’s downgrade of 2 frenchbanks as speculation is rising that a EuroBond might finally be in the mix. Overall the price action yesterday was mostly positive. It looked potentially liek we could rollover a couple times yesterday but the bulls stepped in with fresh buying everytime that happened. The market itself was in a very tight range we had less then 100 point move in the dow for the first time in weeks it seems. Overall it seems the market has been stablizing around the bottom of this range. We briefly attempted a breakdown the other day to no avail. With fed meeting coming up next week the odds seem to be in favor of this bottom holding for the time being as so my initial bias will be to trade on the longside. Right now at these levels any piece of news can trigger a nasty shortsqueeze. Besides intraday shorts and fades I dont see much of a point of shortinghere on the swingside unless we can pop for many more days.
Overall yesterday was a pretty odd day as nobody wanted to really make a move in the indices but stocks were popping nonstop. We had a nice day in the chatroom with some big wins in ftwr, fio, pzg, panl (huge call by szaman) cien (mbwilloughby). Lot of stocks are really starting to form some constructive bases at these levels
if you want to see some of the strategies we trade. check out my trade review on our trade in $pzg yesterday. I go in detail on how we trade PR releases.
stocks im watching