Before Non-Farm Payroll will be Mario Draghi and the ECB. This is a big event that has traders eager for the slightest hint of an end to the taper — which will trigger the next leg lower in the U.S. dollar. I also walk through the basics of intraday momentum setups.
The initial selling in the stock market had everyone worried overnight, but bulls showed up with bells on and took it home into the close. Let’s take a look at this and a couple of key asset classes and how they are setting up.
We’ve got some interesting action after hours with Cohn’s resignation. This is the chart that will tell us tomorrow whether or not we buy the dip or go with the down move. Also — no matter where we open, I’ll be buying the dip on this stock.
Intraday time frames and a preference to remain flat at the end of the day continues to make sense. Cohn’s resignation is sending waves through the market into the Asian session.
Monday’s rally was enough to shake shorts from some oversold readings we got on Friday; from here the heavy lifting begins. And while I don’t think bulls are in the clear, certain sectors are holding up well and will be important to follow as we take this from one decision to the next.
With plenty of central bank activity leading up into Non Farm Payroll, gold, currencies, and volatility are in play. Neil Yeager’s weekly market update.
When the indexes had another gap down on Friday, things weren’t looking good for bulls. But if you can keep your composure, and know that there is still opportunity out there, then you can come up with trades like we did today. Let’s discuss the portfolio from top to bottom, and see what might be … Read more