Key Markets Rob’s Watching For Next Week And A Mini Trading Lesson Review

Welcome back! I hope you are having a great weekend! Let’s look at a handful of instruments. For Bonds, I’d like to see us break down to this 149 level. We had an accumulation bar lock in on Thursday and Friday. We have double accumulation there. It keeps dipping its toe to the 149 level getting propped back up. If we can break below that, it can offer up some good continuation to 148, 147 and possibly 146. We’ll be watching that very closely going into the beginning of the week. If we can get back above the falling speed lines then I might look for the retracement trades back up to the 150 initially.

We’ll see a lot of activity in gold, bonds, Euro and stock indices. I was making money on the stock indices on Friday. Gold right now is kind of whipping back and forth inside the channel. There isn’t a fresh trade that I want to take right now. There’s too many other things that are working too well than to get caught up in that.

If we start breaking down on crude oil below the 5250 area, that could offer up some deeper corrections. If you guys recall, I did that special report a while back about the inventories. The inventories are coming out almost to the tick of what’s forecast than what the actual number is. I reported that they were way skewed. This is going to lead to a massive move out of this area. For the upside, I want to get to that 55 area. There’s a lot of resistance. There are a lot of inventory retracement bars. There’s one big wall of resistance. I’m looking for the 55 long otherwise breakdown through Thursday and Fridays lows before I look for shortside trades.

As far as Euro is concerned, it looks a lot like gold to me. We’re back in the middle of the channel. I tend to back off. It’s a lot of noise and where a lot of you are getting chopped to pieces. I avoided those on Friday and focused on making money on stock futures. Keep in mind, that strategy I’ve been telling you for a while, until we get all four stock index futures closing down or trading below, you’ll get chopped up. We’re still holding. If we break through Friday’s lows, you can bet I’m going to be seriously going after this on an intraday basis. Three out of four are accumulation bars. If we break through, that will not only break the accumulation bar, but put us below the speed lines. On an intraday basis, I get more aggressively short.

Here’s a follow up lesson to build upon things I’ve taught. I recently mentioned the online retailers on my swing trading videos. We had students who were getting long. They asked when they get out of something like this. Here’s my inventory retracement bar of the distribution kind. At the same time, you’re getting a higher high in price. Basically, you have a negative divergence. We had a whole bunch of sell signals coming together. Traders were exiting trades. We have one of my M pattern sells. I recently did some training on that. You can see the sloppy M sell with the inventory retracement bar with the negative divergence. It’s a great place to sell.

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