Updates On Some Of Your Favorites Stocks And Markets

Welcome back everyone!  It is good to be here today.  There are a couple updates to start the week.  I am trying to respond to a lot of the viewer’s requests for people would like updates and such.

The Bonds continue to be in or near the channels.  Short of them being day or 24 hour type trades, there is no big move as of yet for the Bonds.  The consolidation continues!

Gold is in a very similar situation.  There has been a lot of congestion for several weeks.  No sooner than we pop up people get excited.  We end up being overextended very quickly because of the consolidations.  All that did was put us into an overbought conditions and rolls us back down into the channel.  We are still consolidating here.  This is not an excellent fresh investment opportunity in my own opinion.

One of the biggest things we have been looking at with APPL was to see if it could push back above the 160 channel.  It did end up doing that.  It also had a nice move to the 170 area.  In order for me to reconsider this again, it would have to get above the 172 area for a fresh movement.  That would be the minimum that I would want to see for any fresh longs.  That hasn’t changed from my video from last week.

NFLX is one of those that we were watching the 200 dollar level for quite some time.  We had one bar above and I wanted to see if it could continue.  It locked in a distribution bar and rolled back over.  Every time we hit that 200 dollar level we just end up making more disturbing bars.  That just proves how important that 200 dollar level is.  It won’t be till we get above that, pull back to it, and take back off that I will see this as a possible opportunity.

Evidently some people did not get into TSLA when I last talked about it before.  They saw it hit our target followed by our video on hitting the target.  They eventually wanted to know if it was still good to get in.  The people that came in late and didn’t buy at the 300 dollar mark, are now trying to chase it.  That is why I wait to get the price we were looking for or pass and wait for another opportunity.  If it comes down below the $300 level I would actually be looking to see if 300 dollars becomes resistance.  If that happens, and we get through 295, level it could see lower lows.  I am not interesting in any fresh trade on TSLA at this time.

I said that as long as we stay above 1080 I would be looking for long side trades.  We got above the 1000 level, pulled back to around the 1090 level, then took back off.  That worked very well for those who could afford to get yourself into AMZN.  What’s next?  We are sloshing back and forth through the speed lines.  That is a no-no.  I don’t like to see that on an intraday or end of day basis.  We are not holding the trends.  We are not doing a speed line continuation situation.  We are just sloshing back and forth through a sideways speed line.  We also have accumulation back down below us.  We also have distribution right above us.  We are just caught in a major struggle right now between the forces of good and evil.  From my perspective, I am not very interested in looking for short against the predominate trends.  We just have some work to do before we get above the 1140 level.  That would be my new level.

As long as we stay above the speed lines on each of the Stock Indices, I will continue to look for long side trades.  I am pretty keen on the NASDAQ that got stuck in the speed lines today.  I want to see if we can break out of that and get above today’s highs.

You guys have a great night and I look forward to seeing everyone in the Live Trading Room or in tomorrow night’s videos!

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

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