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Enjoy tonight’s video, and enjoy your evening.
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Coffee has had a great run in 2014, with 12631 members riding the trend since January impressively.
Today, the JO ETN is breaking out from a five week-plus cup and handle formation, seen on the daily chart below.
Holding over $42 is going to be a key step for bulls in trying to forge another move higher.
Stay tuned for my video market recap after the bell, with commentary on the metals and miners, too.
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I discussed this last night in the recap and will update it in a bit.
Precious metals and miners’ bulls simply must make their stand here. So far, the miners are holding the line, while silver needs to not fall apart, at a minimum…
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You really get the feeling, observing the crude oil ETF weekly chart below, that black gold is setting up a huge group of traders this summer.
The symmetrical triangle pattern, spanning quite some time, is highlighted and evident.
Whichever way this breaks is going to be a doozy. For now, the resistance trendline is holding with today’s weakness.
What say you about crude on another slow, grind higher in the market?
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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Earnings are coming up this Thursday, but with the rallying in the sugar and cocoa markets this year, on top of the technicals, I think Hershey is setting up as a short right here, right now, and potentially after earnings, too.
On the daily chart, note the bear flag breaking lower today. The stock has seen a tremendous run since the 2009 lows, but is quite steep on the monthly, to boot.
What are you trading this morning?
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