Here is today's live class outlines with pre-market observations and comments... will update live when your live class begins at 10AM....
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We updated comments about the market live today. I said yesterday and earlier today we should anticipate profit-taking in Energy, and now some in metals. They continue to be the weaker groups today. The market is holding up well, in general, but technically we would classify this as a profit-taking type day. Most of us traders are standing aside today and will wait for supports to show up and then return to where the next opportunity shows up.
Jim, I took another look at BCSI SD room trade for you today and here is a chart that might be helpful. Rooting for you on this trade. Would be willing to move that stop loss up to breakeven as soon as you feel safe... use this initial (breakeven) target to maybe trigger your trailing stop up.
I am not trading the two buy setups in SC/SD rooms for NY Crude Oil, but am tracking it closely to see if CL can close above 80.17 because I think this would suggest more upside returns tomorrow in crude oil? Also, if these two last pivot lows hold, they hold above the previous highs of last summer and this past summer, which suggests bulls could still end up winning this battle this week. I recently covered my energy stock positions (accept a small one in GLBL) but would like to trade a little more some energy stocks. Holding here this week could help return some money back into the energy stocks.
Will be tracking Comex Gold to see if this SB room trade setting up works out. Normally you don't see a buy trigger at the lows of today like you see happening with this setup. The retracement was about 25%, and held the 1980 and 2006 major pivot point highs, which are now supports. If this pullback holds it means we could see a quick return of this current recently strong uptrend.
Will be tracking Comex Silver to see if this SB room trade setting up works out. It is similar to the the current Gold SB setup. The retracement is also about 25%, and is holding on a key support breakout trendline. If this pullback can hold very soon it means we could see a return of this recent strong uptrend.
Venkata,
Here is a copy of the Indian S&P CNX 'Nifty' Index that we discussed today in our live class, as per your request yesterday. I decided to post it here so others can see it as well, as I do not have all the email addresses to everyone who requested a copy.
Take care, Marc
Here is a copy of the US Overall and Nasdaq and sector Trade Balance. While we did see some selling in some energy and gold/silver/mining groups today, notice how the sectors rebounded and no 'red' stayed in the Basic Materials and Energy sector Trade Balances. It suggests to me that it is very possible this profit-taking action could be short-lived. Watching futures for additional insights later this week.