The Good News Is…
…That eventually the market will decide which way it would like to trade,
and everyone will live happily ever after. Or so we hope. In the meantime,
continue to buy time and keep your powder dry.
Despite the overall market firming up from a technical standpoint, I found it
interesting that the gold stocks have quietly been creeping up. In fact, based
on the hourly charts, a few are set up for some nice trades. I have noted them
below.
Agnico Eagle Mines (AEM)
Gold Fields International
(GFI)
Â
Harmony Gold (HGMCY)
Royal Gold (RGLD)
Please bear in mind, these trades are neither meant to be
HVT or long-term, but rather setups that may
last for several hours or a day or so. Most of the gold stocks are still in
rough shape on the daily charts, but the fact that they are rallying in the face
of this bullish move up in the S&Ps, Dow and Nasdaq strikes me as odd.
The Initial Claims number has just been
released, as well as the GDP report. The
numbers were not radically different from consensus, but it certainly put some
pressure on the futures.Â
I have to admit, given the quiet nature of the market currently, it is tough
to come up with insightful commentary each day. Every day the story is the same,
trading is slow, trade selectively. I could easily fill up the column with
fluff, but I would by lying through my teeth, and you would certainly see
that. The fact is, though, not every day can be a ripper. Like a squirrel,
traders need to gather profits when the the money tree is shaking in order to
see them through the quiet periods.
That being said, there is money to be made from an
HVT standpoint, you just need to be really selective and be willing
to kick back after the first hour and perhaps call it a day. The afternoons have
offered virtually no trades for a few weeks now. There is no shame in punching
the time clock early. Let all the impulsive traders give away their capital as
they see trades that are not there to begin with.
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| *914* | 1028 |
| 906 | 1016 |
| 895 | 989 |
| 892 | 983 |
| 885 | 978 |
| *868-72* | 966 |
| 862 | 954 |
* indicates a level that is more significant
As always, feel free to send me your comments and
questions. See you in TradersWire.