Awesome Trading Moves! Rob Has More WOW Trading In Store For You Next Week!

Well hey there gang, welcome back, welcome back, welcome back! What a week, huh?  Great stuff!

Let’s go ahead and do a thorough review let’s look at lots of different markets tonight as we get prepared for what’s going to be another exciting week of trading next week.  Let’s start off with the Euro, the Euro im basically looking to get down below this area here that’s going to be the 1.3770 area so I want to get down below there.  Basically that’s a big fat accumulation bar and I want to break down below there before we go ahead and look for any further shorting.  And of course I’m not looking for any longs because we have too much resistance up here overhead.  As we look at Gold, Gold never did get back down below that area I wanted to break down below once again for further short side trading, so no trade there and we’re just back up into falling resistance.  I’m pretty much going to be walking into the door next Monday avoid gold.  As far as Crude Oil is concerned its making its way back up here slowly but surely towards that 10220 resistance area that I want to get through at this point and if that happens then we can look for some further long side trade.  If it pushes to the down side im just going to avoid it.

I want  to show you some other interesting markets, as far as the Aussie dollar we’ve had three days now when we’ve been testing this resistance area that I previously identified for you as being meaningful.  What we’ve got here now is these distribution bars right above us, we have to get through that area if we get through there we could see further upside in the Aussie dollar so we’re going to be watching that pretty closely next week.  As far as the Canadian dollar, this is going to be the same methodology that I shared with you before with the bonds.  So what I want to do Is break through a level, I want to pull back and then I want to start taking off again.  So far like in the bonds, we’ve been pushing up and similar to here we’ve been pushing up, pull back, pushing but and pull back.  We’re not going to get up and stay up and launching off to new highs, that’s going to be real critical to watch here in the Canadian dollar.  We’re seeing a little sign of life but we don’t want this to pull a stunt like the bonds previously did and come right back off into that area.  And speaking of the thirty year, lets go ahead and take a look at that, what happened was we wanted to either get back above this area right over here which is the 133 19 area, 133 19/32, and so we did not get above that area there and pull back take back off and that’s fine so long as we get down below here the 131 19/32  I’ll be happy to go ahead and look for shorts, didn’t happen.  So we’re still in that very range bound area so no trade here until I can get that solid breakout above or down below.

Let’s take a look at the DAX as well, we are sitting there right on the edge of the abyss on the speed lines here.  What I want to see is we also had this big fat distribution bar as well, in fact we have two of them back to back so I would love nothing more than the DAX to start selling off here hard into Monday encouraging further down side in the US stock index futures which we’ll look at here in just a few moments.  As far as Soy Beans, I point it out because we’re at a very long term very hectic, meaningful, rigid resistance level above us. In fact we’ve been holding it for the last four days, so that’s a big deal, a big level.  In fact if I pull out the weekly you can see this has been very long term resistance for a very long time. We’ve been focusing on this resistance for years, okay?  I want to go ahead and make sure you understand because when I finally broke through that area we’ve got some nice additional runs here but we’ve got some pretty hectic resistance here going back into the last couple of years.  So we want to keep an eye on that and see if we can break through if we can we’ve got some fantastic moves to the up side but in the short term you should understand before jumping into fresh long at these lofty levels from the relative lows that you’re in nose bleed seats here and subject to some very long term resistance back behind you.

In the end it all came back to our lovely, beautiful stock index futures.  TSLA was fantastic for us this week, we closed LULU and TSLA here, we bet it was going to pin to the down side here and low and it sure did so TSLA was fantastic play here this week, LULU going ahead and closing out there as well.  A lot of great stuff from our options side.  We told you this year was going to be a fantastic year to be a trader whether you’re an options trader, a futures trader, even if you’re an equities trader there’s lots of fantastic options in 2014, no pun intended.

We’re just having a great year of it here.  As we go ahead and take a look at the stock index futures here, what’s important to notice here is the S&P and the DOW are both back to their rising 20 period moving averages.  Typically after a route like we saw today and everything being buried to the down side the expectation is you get a dead cat bounce off of these areas.  Now with that being said, everything is below its speed lines here on all four of these instruments and the Russell and the NASDAQ are down below key support levels that I’ve been identifying for you now for the last few weeks.  We are well on our way to much lower lows.  What I would like to do here personally is see the selling continue hard into Monday.  There’s other things that can support further down side here in general, for instance if you take a look we’ve had this negative divergence forming here on the S&P and the DOW.  The last several days we’ve had the sell offs taking place and we commented on that previously, the S&P and the DOW were previously holding up higher while the Russell and the NASDAQ were pushing down lower.  Initially they caught up here but you see they made lower highs unlike the stock index futures on the S&P and NASDAQ, which the S&P here you see made a higher high the problem is there that while it made a higher high and the DOW made a higher high my indications down below made lower highs so we’ve got these negative divergances.  If those go the way the dinosaur and the NASDAQ, you see the NASDAQ did the same thing over here, it made higher highs in price but lower highs in my indications and that sold off much deeper.  I would love nothing more than to watch these things come down like a ton of bricks going into early next week.  As you can imagine while I’m expecting a dead cat bounce because of the fact that’s what should normally happen when everything is buried like this and you’re hitting some support levels on the DOW and the S& P I am going to be very forthright and aggressive in looking for short side trading going into next week.  Any signs that start its starting to roll over again and you can bet I’m going to be there.

Great stuff! Fantastic week in the trading room, we had some guests in there yesterday.  I missed the first trade because I was about to take the trade and forgot to remind of the risks so I missed the first one but I got right back in there with four additional trades.  There’s great options trades we closed out, all the futures trading we did in the live trading room, just a fantastic week to celebrate.  So gang I expect a lot more out of 2014 so I look forward to seeing each and every one of you in the live trading room come Monday morning or in Monday night’s videos! Take care everyone, have a fantastic weekend, bye bye.

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