Morning folks. Futures looking pretty flat. OIL is currently up .55% but its been up and down. GOLD also up .5%. Keep an eye on these sectors event hough market was flat yesterday there was a ton of breakouts in both of these sectors. Small cap oil was in particular heating up the last 2 hours of trading yesterday. With OIL approaching its recent highs there are still a ton of stocks that are sitting on a bottom that are lagging oil. The market had made a very nice bounce the last 3 days straight up into resistance. The next couple days will tell us whether that is a relief bounce or something more significant. When market is under major support levels its always best to treat it guilty till proven innocent. wht i would like to see to really start puttingon some serious swing positions is a clean break of spx 1300 along with 50/20 day moving averages. These thing rarely happen on the first shot. If ur a bull and u see multiple taps of that area i’d view that as a positive as it could take a few before a break. We have worked off our “oversold” condition so the main catalyst we had for a bounce is gone and the market will search for a new one. I personally wouldnt be surprised if the market settled into a nice range till earnings season sans geopolitical catastrophe. if u believe this to be just that a reflex bounce then adding shorts here is very low risk as we are right at resistance. Ive added a swing position into SDS. I will unload it if the market breaksout. These are the best type of swings where you risk 30 cents to potentially make 2 dollars.
here are some stocks im watching
brnc, ssn, pstr, dej, bqi, qbc all good looking oil stocks keep them on radar
Mdw good looking gold stock. pzg, aau also due for run
