Something For Everyone
Something for everyone. That was one way
to describe yesterday’s price action. Not only were there some excellent HVT
setups in the morning and afternoon, there were a few trade setups off the five-minute
bars which provided nice moves. Gold stocks have been the ideal vehicle for
trading contra the market. Keep an eye on shares of Gold
Fields
(
GFI |
Quote |
Chart |
News |
PowerRating), Durban Roodeport
(
DROOY |
Quote |
Chart |
News |
PowerRating) and Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating).
NEM has key resistance at 28.95 and 30.20, and both prices should offer some
excellent setups.
The day started off with a couple of story stocks, mainly Tyco
(
TYC |
Quote |
Chart |
News |
PowerRating) and the bombshell of the day, Omnicom
(
OMC |
Quote |
Chart |
News |
PowerRating). OMC alone would have kept you busy throughout the day.
However, I chose to focus mainly on GFI and
Citibank
(
C |
Quote |
Chart |
News |
PowerRating), taking my cues from the
S&P futures. The charts below will show what I considered to be the best
trades of the day. My remaining trades were mainly quick scalps (HVT)
on C and TYC as the futures gyrated. I expect TYC to continue to offer multiple
intraday setups on the one-minute chart as the news continues to flow from the
troubled company.
Yesterday’s powerful reversal did break the recent downtrend started on
Tuesday, but with the futures under a bit of pressure after the Jobless Claims
number, it is impossible to predict, except that the volatility to continue.
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 1039 | 1178 |
| 1036 (confluence) | 1153-55 |
| 1019-21 (key resistance) | 1117-22 (big confluence) |
| 1015 | 1109 |
| 1007-08 (confluence) | 1089 |
| 997 | 1079 (contract low) |
As always, feel free to send me your comments and
questions. See you in TradersWire.