No gaps this morning, which I find odd. The market wanted you to participate here, rather than pin you into a corner. I’m still trying to wrap my mind around why that is.
In the meantime, here are the morning signals I am watching…
USD/JPY – We dipped another toe towards the lower end of it’s range. A good tail was dropped, but I’d feel better overall if this were back north of 119.50 today.
$IBB – Thus far yesterday’s movement was an attempt to draw offsides. We snapped back into the range in a vicious manner. $303 needs to hold here on a retest. If it does, this confirms the long bias.
Crude – Oil is a buy here. If it rallies, there’s another reason to grab stocks.
Finally, I want to watch momo stocks here and make sure they don’t shy away from yesterdays highs.
More later,
OA
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Light, sweet.
momo … FEYE – getting spanked. Ouch!
Yeh momos getting faded big bios reversed quick
Jesus, labu faded hard
Same as yesterday..
IBB now below $303. Getting bearish?
You mean below $300
Read the damn post or go away
Not yet. This is all happening way too early. Be careful.
That’s what’s scary. Everything happening with speed
Starting to see what you mean about moves within the confines of structure – they are designed to shred your emotions and shake you out
Recommend taking a shot at oil today below the 9:15ish print of 10.81. Also I doubt we’ll see the shorts start together until 1:30ish in anticipation of evenings API numbers.
Gotta keep a 2% stop at least in this environment with proper amounts risked.
Looking at cyber securty, $PANW and $FEYE. on the intra day. Looks like a drop, turn and rip up to me. (prediction). /nq and /spx taking a little breather from resisitance on the daily charts before moving higher.