Live Trading Event With Rob Hoffman: It’s Been Four Months Since Your Last Chance

Okay gang, get ready for more fireworks and excitement here over the next couple of days. Great time for us to be doing our live trading event with you – that is going to be this Wednesday. Go to becomeabettertrader.com/room to get registered for that this Wednesday morning to watch me doing my live trading event. Of course, for all of you that don’t know this, when I trade live, I do it right on the screen in front of you – not like a lot of these trading rooms do where they just post discussions and talk about trades that you never actually see. It kind of makes you wonder if they are actually trading live and what are they doing behind the scenes because you never see most of these places doing trades on the screen in front of you. Which is what we do every day in the Live Trading Room. You actually see the entries go in, the orders, how we manage them, everything. So, much different than what you are given out there in the average trading room – that is what makes us different. The thing is, we have not done this in four months so now is your chance. The last several months we have been adding students and adding staff to take care of all of those new students. And to make sure that we continue to provide that superior customer service to our student family.

As we get ready for the next two days, what is going to make it great? You can see, Tuesday morning, we have lots of economic data here and you will not want to miss the fireworks because between tomorrow morning the ECB president is speaking, Consumer confidence, Yellen is speaking. What she says and what she tips her hat to regarding interest rate hikes could be monumental to the market – that would be fantastic. And of course, Wednesday we have more of that, both Janet Yellen and the ECB president are speaking again, not to mention the fireworks surrounding Crude Oil and new home sales. So, we have a lot making the world go round the next couple of days. I’m looking forward to having all of you with us Wednesday morning and of course all of our regular students through all of the fun here. With that being said, a couple of the key markets to keep focusing on: Right now the euro is continuing to trudge sideways in advance of some of these big events. We had a good move on Friday after the announcement of Greece which happened in the afternoon session in the United States. That took a lot of luster out of this morning. Right now, we want to break down below Friday’s low to get excited about the euro. You could see a lot of consolidation right here, so getting down below that 11280 area is going to be important.

As far as gold is concerned, we want to get down below today’s low – below the Hoffman inventory retracement bar at the 1190 level there.

Crude oil – this is one we are going to continue to watch for further short side opportunities. We see that we closed right at this trend line going back to the last three touch points. We end up right there closing at that today. So, going into tomorrow, we are going to see if we can break down below that trend line and offer up much more shorting opportunities. Otherwise, we want to break above the tops at 54 dollars, looking for big moves ahead. So, either way, crude oil is going to be offering up some great trades to come as well.

The stock index futures are offering their own different ideas. We are still struggling to make any forward ground. We have broken out above some recent highs, we are pulling back to those recent highs, we keep bouncing off those resistance points, trying to make them support, but the market hasn’t made them definitive support yet. So, as we look back here, that is what is really important right now. That is what I have been telling you. You see we keep hitting it and hitting it a little bit lower, just holding in there trying to break away but hasn’t done it yet. Every time it tries to break away, it gets caught trying to push through the outer atmosphere. Except for the NASDAQ, it has gone ahead and had a decent move. But we have to look at what is happening to the other three. So that is going to be a key focal point going into tomorrow. As you can imagine, if we get down below some of these inventory retracement bars, that is going to bode pretty poorly for this market. WE have two inventory retracement bars back to back here and you could argue that we have three or four of them, because these were inventory retracement bars as well. So really, we had 4 inventory retracement bars on the DOW, the RUSSELL, and the SNP. If we break down below those, that would be very bad for the market. If we hold these areas and start to take back off – in fact I had issued a trade alert in the middle of the day – looking to see if we could get all three of these stock index futures to follow along with the NASDAQ and start trading back above the open. But only the RUSSELL, in the last few minutes of the cash session, was able to do it. So, we did not get the trade fired off there but we came close. Keep watching out for those trade alerts for everyone that is a part of that.

Don’t forget, great time to be in the Live Trading Room. Especially since I have not done that in four months since we have been taking care of our student family and making sure that they are all happy and making sure that we have the right amount of staff. Go to becomeabettertrader.com/room to make sure that you are register for that live event. Or you can click on the special update section in tonight’s email to make sure that you don’t miss that opportunity. Take care everyone and have a great evening.

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