Rob’s Favorite Markets Poised To Move

Okay gang welcome back Rob here with you. Thank you very much for all the great comments and thought last week on how things went in my absence it was great to go ahead and see how many of you joined me in Orlando and Scottsdale. Way to go great having you with me in person and I got to do a lot of photos. I had a lot of fun. Let go ahead and start with currency futures. The euro is the same story different month. I have been bearish on the euro and bullish on the dollar. So what continues to happen is we are on the down trend channel here on the euro and making lower lows until such time the euro can get back above the channel here above the 11750 area and hold that to take back off we are still in a down trend we tried to break though that are a few month here. And what happened is we touched just above the channel and we closed back down in the channel at the end of the day and then went to the down side. So the dollar is due for a breather. And the euro is due for a pullback and the big picture those pullbacks are short opportunities for now. The British pound I want to get back to the dollar fifty four have a pullback take off for a long or get below that for a short. As we take a look for our bond traders. Our bonds as of right now are giving you a lot of great ideas over the past year on the bonds but right now we are in a gobbly-guk range we have rising support beneath and falling resistance above. And what that leads to is whipsaws back and forth like today. There is no reason to trade here on the swing trade basis until we can clear to the down side or the up side I will keep watching this. As far as gold now gold as you recall I had the gold traders in the offices down the way they went ahead and have been coming in on ideas? I gave them great idea which raised 600 ticks. From my perspective this move is over and sure enough we have gone all the way back down to where we started. So nothing new at this time. For those of you that have been following me around this is some great stuff there. Nothing new at this time.

As far as our stock traders a couple of things let’s take a look at stock index futures first of all stock index futures right now we have some work to do. We are in this gobbly-guk area these key supports and in fact that was a focal point this morning at 841 central time I was pointing out that we were in that on the NASDAQ we had inventory retracement bars on the S&P RUSSELL and the DOW and that the same time rising support beneath us. We had a kill zone by proxy there. Rising support underneath and the fig fat resistance level and that is what stressed out this market today as people got to see live and real time. As we go into tomorrow we are back into those kill zones again and need to break back out and test out those Hoffman inventory retracement bars to really get excited about a long and as far as a short we have all these key support levels so a short will not be easy early on going into tomorrow’s session with these key supports there so I would prefer long side trades so we can break back up above. Any sort of short would be short stops and profit stops and close stop losses.

Also as we take a look at ALXN this is one I am looking at this is one of those high flyers that I was commenting on the way up and now I am interested after they had those earning and a nice shoot up after that and now we are back down to those lows that good news couldn’t holdup and now we are right back to the bottom end here this is a momentum play as momentum rose to the upside this had a meteoric rise to the upside. If we can break down through this consolidation area and this 170 area test it hold it and push down this could lead to this thing cratering as fast as it rose in the back drop there so we will be watching. For stock and options traders. You guys have a fantastic evening and looking forward to seeing you in the live trading room or in tomorrow’s videos thank you everyone again who drove out to either Orlando or Scottsdale here last week see you guys tomorrow, Take care Bye, Bye!

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