This Group Is Popping On My Radar
First off, I won’t have a whole lot to say today.Â
Call it writer’s block or lack of market action after the first hour yesterday,
but rather than trying to come up with a lot of fluff, let’s just throw it out
there, short and simple.
Today’s employment data and Philly Fed number will be critical for the market
and should help determine if the rally continues or falters. The last couple of
days have begun to feel a bit heavy, last night Richard Russell had this to say:
Investor’s
Intelligence notes that “last week we saw more than 200 buying climaxes — this
was the 7th week out of the last 9 weeks with more than 100 buying climaxes.”
Russell note — a buying climax occurs when a stock hits a new 52-week high but
then closes down for the week. This is basically an indication of distribution.
I am not here to time the market (longer-term), but I am always trying to get
a sense of what may be coming our way. At this point I do not have a good feel
either way. The only thing popping up on the radar screen are gold stocks. But
as I mentioned yesterday, you do not want to jump blindly into them as a trading
vehicle since they are so choppy. Gold stocks seem to have very limited windows
of opportunity in terms of trading; it is beginning to feel as though one of
those is upon on us.
Continue to trade assertively on the opening and back off as the day wears
on. The afternoons are very quiet — spend more time observing rather than
trading, this is not the time to be in the “There has got to be some
action somewhere mode”. If there is nothing going on, accept it, in
case you did not notice, it is summertime.
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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. Sign up information to follow in the next day or so.
As always, feel free to send me your comments and questions.
Dave
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