How Rob Is Trading Tomorrow And What He Is Looking At

Welcome back, let’s take a look at what was hot, what was not and what we are looking for going into tomorrow.

There is going to be just a handful of things that we are looking at tonight. First things first, GOLD. GOLD basically stayed stuck between the speed lines today. It really didn’t break down or break out. My preference would have been for a break down even though we have to still face this accumulation bar down below. With the declining momentum down below all of the goodies that are kind of taking place right now I would prefer to us break down below. 13300 is the area that I am looking for. That could lead to a good move down. If you recall, I’ve been looking for that the past couple of days. I’ve been hoping to see a push down below that area. So far, that has not taken place. I will be watching for that again tomorrow.

What I am looking for in GOLD is exactly what did happen in CRUDE OIL. If you recall, on both GOLD and CRUDE OIL, I was looking for break downs below those speed lines for short side opportunities. In fact, during the course of the entire day the only trading I did was in CRUDE OIL short. This is what I would like to see in GOLD, a break down below the speed lines and have a nice push back up to the rising support.

CRUDE OIL did follow through today after the inventory report came out so that was great. Nicely done there. Now we are looking for GOLD to see if that can happen and the other thing we are going to be looking for is in the stock index futures.

The stock index futures had extraordinarily tight day today. Most of the day we had the two against the two. We basically had the S&P and the NASDAQ both going ahead and doing fairly well. They were trying to push up but the problem was the RUSSELL and the DOW were going to have nothing of it. You remember last night? I told you it was the story of the two against the two. That followed through again today with these. We had two that wanted to go up and two that didn’t and so the two that didn’t held down the others.

Going into tomorrow, the way that I’m going to do this is I’ll be looking to see if we open up fairy even tonight and then start to sell off I will be looking for short side trades. However, if at any point after pulling back we start to push back up and push back into the direction of this more bullish environment here then I will be right back to long side trades. I prefer long side trades anyways because, as you can see, we are still above the speed lines on the various charts here (on my screen at 2:55). By that account I would prefer to be long anyways. I will be looking for short term shorts in the meantime if we open up and start to drive down. Again, as soon as we start driving back up I will be very aggressively looking for long side trades. That is going to be the strategy for tomorrow.

You guys have a great night! For all of you that are signed up to see us live this weekend in San Diego watch for an email from us this afternoon. This is your confirmation email and there are some things that you need to do so that we can get ready for your attendance and take good care of you. I’m looking forward to that event as well as seeing all of you in the Live Trading Room tomorrow morning and in the nightly videos as we go forward. Have a great night and take care!

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