Indices were the story for the sell-off today, but it’s energies that have my attention. The indices need to settle a bit before we know whether we have an exhaustive support level to take advantage of or not. In the meanwhile let’s look at energies, metals, currencies, treasuries and the trends we are working with.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
Volatile week that ended in balance, but there are a couple of standouts for us to review.
In this video I discuss the importance of keeping an open mind to move much higher next week. I specifically go into the Nasdaq to define where the big line in the sand is. Enjoy the long weekend and we’ll see you on Tuesday.
Next week we will all be watching to see if buyers step in at oversold support levels. This is what makes chop challenging and why we must wait for our edge at the edge in chop.
Thursday’s selling may very well see continuation into Friday, and possibly even Tuesday. This is the pattern I’m looking for inside that, and how I’ll be structuring trades into expiration.
Stocks have been under pressure for a few weeks now and there’s a fair chance there’s more of that to come. Whether you’re running the short lower or looking for the spot to buy, these 3 indications should help.
From the Dow to crude oil, gasoline, and gold… to the sectors to watch I cover why the Dow is the relative outperformer to watch and what seasonally we could see as we head into late January. Despite the volatility of the early part of the Thursday session, the Dow remained strong despite what were perceived to be hawkish comments from the next No.2 at the Federal Reserve.
