Several Stocks And Markets Reviewed Before Heading Into The Holiday Weekend

Welcome back everyone! We have a lot to cover here. Let’s get right into it!

We have several stocks and markets that we want to look at. The Bonds have some basic support underneath. I really have no interest in the Bonds. We have been sitting on dead money for most of the year if you have been invested in the Bonds. There is no value in the Bonds for me at the moment.

I have been talking about Gold since we had the big downdraft. I was concerned that this might be a short term blow off. That is pretty much what it has been the past couple weeks. That was the low. We also had wonderful sell signals in the back drop. This basically made a positive divergence. That is a recipe for some short term higher prices. I was watching it this morning for some shorts. I want to see if it wants to pull back. The whole area below is one big area of support from my perspective. I am not going to be making any big plays on Gold at this moment.

I am watching Crude Oil very closely now. I am getting interested in some of the levels it is approaching. Above the 70 and 7050 levels would get me more excited. I will be watching this very closely. The first hurdle will be the round number level of 70. After that it becomes a trading market until the 7050. There could be some swing trading opportunities in there as well.

Amazon has just been no a tear. This has basically been a melt up situation. I would close any long term positions before going into the holiday weekend because of the melt up. There are a lot of statistical risks going into a holiday weekend. There are much more benefits. It has been a great run! You can see that my indicators have been firing off buy signals over and over. It is not the kind of thing you will want to buy right before a three day weekend.

Apple is in a similar situation as Apple. It has been somewhat of a melt up. The ITP indicators have been firing off on this as well. You can hear about these things in other of my free videos. This is the same situation. If you aren’t already in it, now isn’t the time to start. If you are in it, I would close out of the positions. You can always re-enter positions. That could be great compared to a large amount of money lost fast over the holiday weekend.

Tesla is more or less dead to me from a swing trading basis. There are a lot of problems going on there internally with the CEO. He is a very polarizing figure. This thing is ricocheting back and forth. It occasionally will offer a nice intraday trade. From a swing trading basis, you are getting ulcers watching it go back and forth. It is a hair raising ride. If you have been in it since November of last year, you are no better off. There still are some possible intraday trades as well.

I have a great weekly chart in the backdrop on Twitter. It did hold some key support below. I want to see what will happen with the interviews with congress. I want to see any types of comments on regulations. I have already heard some rumblings about regulating these tech companies. These have included things like shadow bans and such. Government regulation could really hurt this. Let’s see if we get past next week to see how well congress will respond to the interviews. There is just nothing to do here with Twitter.

I said that if we got above the 240 level on Goldman Sachs it could lead to a nice rally. That wasn’t just a rally in Goldman Sachs but the markets as a whole. I said that now 245 is the new level to beat. There is distribution and long term resistance. I want to see Goldman Sachs get through that level and see it propel the market higher. Unfortunately Goldman Sachs locked in distribution up there. Right now we are below the 240 level. That is putting a of pressure on the markets today. We are right back to some key areas on 3 of the 4 Stock Index Futures.

Any sort of swing trades that are profitable, I would flush out of those and lock in the profits. 3 out of 4 of the Stock Indices have been challenging their speed lines. At the rate we are going on an intraday basis, we could close at or below some of the speed lines. I will be watching that very close. I will want to see if it dips down below tomorrow. That could lead to more selling. That would surprise me heading into a holiday weekend. Some people would want to sleep happy this weekend. There are a lot of ticking time bombs in the news this weekend.

You want to hold the speed lines in the back drop from my perspective. We are using the speed lines as bouncing boards to get to higher highs. Breaking below those is not a good thing. If it does go into melt up tomorrow, that would be unusual. That is an important signal itself. If the sells don’t sell like they should tomorrow, that could be a good Friday opportunity.

I look forward to seeing you all in the Live Trading Room tomorrow or in tomorrow night’s videos!

Leave a comment!
Read previous post:
Breaking Down The Failed Divergence Trade Rob Wanted And Got!

Welcome back everyone! We talked yesterday about the failed divergence trades. I identified the situations where we were making lower...

Close