These Stocks Are Beginning To Get More Active
Well, we have
finally reached the end of "Quadruple Witching Week,"
I can only say this — thank goodness. The combination of summer and
option-related trading has made the afternoon sessions a real snooze. Get you
trades done early and then take a hike. That being said, I am looking forward to
Monday.
Gold stocks are beginning to get more active
during the session, the main vehicle is arguably
Newmont Mining (NEM) and actually appears to be trading on its own
versus being inversely correlated with the value of the dollar, albeit that is
still the main driver. There were a few set-ups yesterday for good gains while
the market remained range-bound. For the most part, the trades are best based on
a 5-minute chart, versus a 1-minute chart. I have been using the 1-minute chart
as a way to simply refine the entry point.
Like yesterday, there is simply not a whole lot
to discuss. Next week’s FOMC meeting will
likely add a good deal of volatility which will make up for some quiet time this
week. Keep your powder dry, but always be on the lookout for good set-ups, they
are there each and everyday, you just need to be patient.
If you are looking for some interesting reading
regarding the upcoming FOMC meeting and what the Fed is being faced with, I
suggest you read
this report.
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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Mark your calendars! Next Tuesday, June
24th, I will be interviewing someone who plays an integral part in my day to day
trading, Ben Lichtenstein. Ben calls the action each day from the S&P 500 pit on
the CME. I can tell you this, I feel lost
when I do not have him on while trading. Join myself and Ben as we talk about
the current state of the markets and how you can gain that spilt second edge
with audio commentary from the S&P Pit.
Click here to sign up.
As always, feel free to send me your comments and
questions.
Dave