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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I predicted pre-market open today (TUE) would be a "profit-taking" day. For the most part it this has been true.
Tomorrow: (1) IF NY Crude Oil does not trade below today's low, ie, move to $78-$77 a barrel-- tomorrow will be an up day; (2) IF NY energy futures contracts weaken for a second day, taking out today's $78.86 low, selling pressure will return and continue this time.
Currently we have a dilemma where the Dow Industrial/S&P 500 stocks are under some selling pressure, but the Nasdaq 100 related stocks are still holding up well. My observations of this phenomena, in the past, whatever color comes next to both day-trade rooms becomes the next sustainable market direction trend. This behavior where one (US Overall vs Nasdaq segment) turns red and the other blue has not, in the past, continued for long. Watch to see which behavior dominates. That will be the next real trend direction. If the DA, DB, DC, DD rooms both turn blue next we go higher this week. If they both turn red tomorrow, we go lower before the week is over.
I believe now that options expiration is over, some of the hidden exposures, or large gains from last week, may need to be recorded before the end of this month. Part of what appears to be a sudden changing market dynamics experienced the past 24 hours may just be large institutional funds position-squaring or re-positioning. I will be watching the Overall and Nasdaq Trade Balance tomorrow for a better understanding of which bullish or bearish rotation is going to win out this week as we move to the last few trading days of September.
If the US Stock market goes lower this week, I believe their are enough bulls out their who would love to buy some of the recently strongest stocks at cheaper prices. (ie, many of my energy/mining stock trailing stops were picked off this morning but I am still willing to buy those positions back at lower prices, for example.)