Key Stocks And Will The Russell Propel This Market Higher?

Welcome back! Let’s take a look at a handful of different instruments tonight. First of all, bonds are still stuck in the weekly basis and the daily basis and their sideways channels. There’s nothing to do with bonds at this point. We have to get above that 155 area just to even get a second look on these.

Gold is a mixed bag of nuts. On one hand, as we prefer to get above these channels, I’d prefer to get a longside trade but it doesn’t really tie with how the market is going. Something is going to have to give. I’m looking to gold for a little bit of guidance. Yes, it did pullback today but if it gets above the channel, it could potentially bring the stocks down.

For crude oil, remember how I told you last week that breaking above that 5150 level would lead us to longside trades and so what happened, we opened up into the overnight session, got above 5150 and shot us up at over almost $900 a contract. These levels are very important. As long as we’re above the $52 level. Right now we’re not. We’re at about 5187 so I’ll be aggressively looking at longside trades in the next several days.

Let’s look at the markets as a whole. The DAX pretty much held its own today. It’s caught between an accumulation bar and a distribution bar from Friday. We are very bullish looking for longside trading especially since three out of four indices were above the speedlines. What’s bugging us here is the Russell is caught right now under the speed lines. I really want to see the Russell come along for the ride. That could propel the other stocks further. That could lead to a nice move to the upside. However, if the Russell doesn’t start coming along then these others might start push down. I really want to start seeing the Russell coming along for the ride for any signs of continuation.

That being said, some key markets to watch. With AMZN we’ll continue to look for longside trades. That’s been the right course of action. As long as we stay above the 1000 level, we’ll be looking for longisde trades. With NFLX, as long as we stay above the $200 level, we’ll be looking for longside trades. TSLA is still a dog from my perspective. I’m referring to the last several months, I’m concerned we’re sitting on dead money. These tumultuous markets we’re in right now, I don’t want to sit on dead money. I want that money to work for me right now. You’ve continued to hear me mention the 360 level and it continues to be a key market we’re watching.

Don’t forget what I said about some of these key markets. I’m looking forward to seeing you in the live trading room tomorrow or in the nightly videos. Take care everyone!

To learn more about Rob Hoffman Trader visit www.becomeabettertrader.com!

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Rob Reviews Several Stocks Right At The Edge And His Market Strategy Into Next Week

Welcome back! Let’s do a marathon run here. Let’s look at JNJ. It’s stuck in a key longterm resistance level...

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