09-28-2007, 08:22 AM
Today is the end of the month and a Friday. We anticipate good odds for more buying follow-through in energy and metal related stocks. Some mild profit-taking could be setting up in those high-flying tech stocks.
One thing I noticed in my pre-market review, NY Gold and Platinum are pushing breakout moves, with Silver and Copper suggesting they too are willing to work higher now. The gold and silver group stocks have been pulling back recently so now might be the time to refocus there and see if there are any top-quality buy setups, or places to add to previous positions.
I pointed out USO ETF was acting very well yesterday. Two things will happen now: It continues to trek higher on a key breakout pattern, or it retraces next week to cover yesterday's gap before once again trying to resume what looks currently like a still strong, sustainable uptrend. To some degree we can use this ETF as a mild proxy for why we continue to interpret good potential for more higher energy stock prices ahead.... ie, XOM, CVX, COP are not going to 'double top' but will continue to trend. Currently the rallies in energy are slowing down and growing more cautious, but don't be surprised it they continue a slow trek higher into October.
One more thing. I have pointed out for months China is a very hot market. Chinese ADR's traded here in the US continue to smoke higher! When I look at the key Chinese indices they continue to show great trending potential and strength. Any surprise pullback or pause still has very good odds to attract more buyers. Case in point, look at that LFC trade we have talked about in our live class a 2-3 weeks ago. It continues to stretch well above its targets.
Here is today's live class outlines with pre-market observations and comments... will update live when your live class begins at 10AM....
If interested in attending our live class, click on this link each day, or bookmark the link.....http://metastock.epopcentral.com/join.html?dn=RT
One thing I noticed in my pre-market review, NY Gold and Platinum are pushing breakout moves, with Silver and Copper suggesting they too are willing to work higher now. The gold and silver group stocks have been pulling back recently so now might be the time to refocus there and see if there are any top-quality buy setups, or places to add to previous positions.
I pointed out USO ETF was acting very well yesterday. Two things will happen now: It continues to trek higher on a key breakout pattern, or it retraces next week to cover yesterday's gap before once again trying to resume what looks currently like a still strong, sustainable uptrend. To some degree we can use this ETF as a mild proxy for why we continue to interpret good potential for more higher energy stock prices ahead.... ie, XOM, CVX, COP are not going to 'double top' but will continue to trend. Currently the rallies in energy are slowing down and growing more cautious, but don't be surprised it they continue a slow trek higher into October.
One more thing. I have pointed out for months China is a very hot market. Chinese ADR's traded here in the US continue to smoke higher! When I look at the key Chinese indices they continue to show great trending potential and strength. Any surprise pullback or pause still has very good odds to attract more buyers. Case in point, look at that LFC trade we have talked about in our live class a 2-3 weeks ago. It continues to stretch well above its targets.
Here is today's live class outlines with pre-market observations and comments... will update live when your live class begins at 10AM....
If interested in attending our live class, click on this link each day, or bookmark the link.....http://metastock.epopcentral.com/join.html?dn=RT