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…actually, let’s not do that.
So far this week, though, the coffee commodity and the ebola stocks are simply where the money is playing.
I am long JO and still have a piece of TKMR, as well as dabbling in other commodities. Also note APT LAKE ripping this afternoon.
I sold out of TZA and the last piece of my natural gas long this afternoon for wins, after cutting my bond short early this morning for a manageable loss.
Note the coffee ETN weekly pattern, below, with the potential for a coiled move higher.
Stay tuned for my video market recap after the bell…
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I am letting a final piece of my TKMR Long ride inside 12631, as you can see the fifteen minute chart, below, staging a secondary breakout higher this afternoon.
As I noted over the weekend and on this blog, I believe the Ebola stocks can trade in their own world, oblivious to the market.
Drop me your top late-afternoon ideas.
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The selling pressure seen this morning is spilling over into the afternoon portion of trading, as the potential hammer reversal in the small caps looks to be null and void.
I have no interest in bottom-fishing equities here, though I am testing out a long gold miner position in that hated asset class which is badly beaten-down.
The Ebola plays, namely APT LAKE TKMR, are holding gains well today, trading in their own world as I suspected might happen.
And coffee is leading the softs higher, with wheat and corn staging upside reversals today.
Four afternoon short ideas: AMZN NFLX PCLN SBUX.
https://www.youtube.com/watch?v=DdR_GyUPjz4
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If not, there is no shame in moving to full cash in this market.
We are picking off winners inside 12631 and trading around this mess.
https://www.youtube.com/watch?v=1QTrcUp2VH0
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From a purely technical perspective, It will be interesting to see how the small caps in the Russell 2000 Index, seen on their ETF’s daily timeframe, below, close out today’s session.
Recall that earlier this year the small caps hammer’d out bottoms around 1,082 on the Russell cash.
Today, the small caps are attempting to do just that again slightly above that level.
The issue, if we do close that way, is whether the hammer proves true or instead serves as a trap this time.
Elsewhere today, TKMR may offer another leg higher yet. and silver is trying to show some type of signs of being alive.
What are you trading this morning?
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