We Had A Fantastic Close To The Trading Week! Now We Look To Next Weeks Big Events

Welcome back! As we close out a great week here it was just a super week all the way around. A decent amount of trading also went ahead and had some fantastic education. In fact, we did part two of that special class for everyone that was part of the Live Trading Room this morning. People were taking trades right there live again as I was teaching the variations of the set-up. It was so cool!

As we look going into Monday there are a couple key things I want to talk about. Right now with the stock futures, the currency futures, GOLD, CRUDE OIL, a lot of them are giving similar messages. Let pay attention to them. Right now we are trapped between falling speed lines and falling support. Walking in Monday morning we are going to do exactly the same thing we did this last Monday. We waited and let the market tell us which way it wanted to go. If you recall, last week here we were selling off into the open. The market then started taking off like a rocket and we focused on long side trades. This week, because we are caught between a rock and a hard place, we are going to do the same thing walking in Monday morning. We’ll look which way the market wants to go after the open.

GOLD is going to be a very similar story. The falling resistance is coming down on top of us versus the rising support underneath of us. This is the same situation.

CRUDE OIL looks a little bit better. The thing I am looking for is to basically get above this 10066. 10100 will make me feel warm and fuzzy inside as well as 9750 on the downside. We’ve gone into a consolidation range and so I am going to be keeping an eye on that. I am looking for breakout or breakdown. I’ve been telling people for day that we are just kind of holding off on this. This is kind of a chop fest in here for now. Speaking of chop fests, let’s look at AAPL. I’ve been asked a lot about AAPL. I’m not sure what the allure is just yet with AAPL but gang, it is best to stay away still for the time being. This is still continuing to coil. We are due for a wide range move out of this. I am looking forward to being a part of that move. As you guys know, I love to do these big share blocks on an intraday basis in AAPL so I am anxious to get the next move coming. Once that freight train starts it can be very exciting. Right now though, we are continuing to coil and move sideways and there is nothing to do with it just yet.

In the stock index futures we’ve had a nice lengthy selloff. The NASDAQ, of course, being the weakest of the bunch to the downside. Going into Monday you see that with just a few minutes on the clock Friday afternoon we are basically down below the speed lines but into rising support in the NASDAQ. We are at the speed lines on the DOW. Down at the speed lines and into a rising support on the RUSSELL and right at the speed lines but into rising support on the S&P. What you can see here in summary is the NASDAQ is very much weaker than the other instruments by far in the stock index futures. However, the other ones are in a very questionable area. What we need to watch here is the NASDAQ. Do we walk in Monday morning and it starts to perpetuate this sell off. I am perfectly ok with that to be quite honest. I would love nothing more than to get some great shorts off coming into Monday. Especially since last Monday we were focused on those big strong boosts to the upside. That is how the market works.

The focus is going to be to see what is happening with the three in relation to the one (the NASDAQ). Earlier this week and for the last two weeks the RUSSELL has been the leader. Now it seems that the NASDAQ is the leader that we are going to have to keep our eye on to see what is happening there. Of course, we see that AAPL is not having any sort of major sell off while the index itself is. We’ve got some divergence there. I want to see that all play out Monday morning first and then you can bet I’m going to be all over the trades. So, just like earlier this week I was banging out lots of trades and I expect that early next week it is going to be a very similar situation.

A couple of things, I’ve got a class for you guys to attend next week. It is going to be a great line up. We have Rob Booker, Tony Hanson, Hubert Senters, Dan Passarelli, John Person, and myself will be doing a big event for you guys on Wednesday. I will be speaking at 10:45-11:25 Central Time. You can register for that event here: http://learn.markettaker.com/cmd.php?ad=668961 or in the weekend video email.

I am looking forward to seeing you guys at that event. Also, we had part two of this great event today where people were taking trades live while I was teaching. This is your last chance as we are not doing an event in April. Don’t miss out by signing up for our Live Trading Room here: www.becomeabettertrader.com/ltr

Looking forward to seeing each and every one of you in the Live Trading Room Monday morning or in the nightly videos to see how we did with another exciting day coming up. Take care everyone. Have a great weekend.

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