With gold trading at the top of the distribution market trend resistance, I am ready to short this contract again, but after some more discussion, we decided to short this instead. Watch today’s video to see what we chose and why.
The current retracements are setting up trend following plays in many markets that I watch. Most went out as alerts today and I also wanted to touch on gap trading psychology as well as the cycle that we are trading in (Hint: it’s a bearish cycle.) and I show why history tells us the bottom is not in.
While the bigger moves to the upside are done, this is still something to watch out for.
Let’s take a look and see if bulls have any more dry powder, and a few tricks I’ve learned over the years for managing trades in an environment like this.
People are still stocking up on cleaning products, and it doesn’t look like habits will change anytime soon. Let’s look at CLX, because I like this solid trading setup.
Today, we experienced a strong day in the indexes with key stocks leading the way higher. However, we rallied directly into resistance. Is this a make or break moment? Let’s look at MSFT, AMD, NVDA, COST, WMT, WORK, CLX, and more.
The answer often comes in how I would build a portfolio and the gainers we see first. In this video I explain what those markets are and how they reveal where we are in this down cycle.
As historical volatility exploded, we all saw the aftermath in Value at Risk issues with hedge funds, and I shelved my volatility-derived support and resistance levels. Knowing where these levels are gives us more confidence for entries and exits, and the current levels are telling us something about intraday action.
