The major indices have all been in a fairly narrow range seen the mild gap lower this morning. Market leader Netflix continues to be a nightmare for shorts. blasting higher nearly 5% as I write this. Expedia, on the other hand, is getting hit quite hard, the stock already in an established downtrend. Overall, we are not looking at a “rising tide lifts all boats” types of tape like earlier in the year–Precision is key.
Gold is not following-through from its descending triangle daily chart ETF (GLD) breakdown last week, at least not initially. Instead, we are seeing a retrace or kiss back up to the scene of the breakdown. We should be able to glean a better trade setups in the coming days here, short or long, depending on how the yellow metal reacts to its breakdown level.
Elsewhere, FU is perking up again as a momentum favorite after a sharp correction. On the second chart of the intraday timeframe, watch to see if price holds above $6.20.
Finally, Pulte and the homebuilders continues to struggle and remain ominous charts in danger of breaking lower yet.
What are you trading this morning?
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FU…. That’s some ticker symbol.
Must be based in NJ.
Any number of towns in NJ could be company headquarters.
or Hollywood
LoL