The market is firm but the opening looks a bit softer than Monday… One of the good things about today is we probably won’t have any gaps on the open.
Two stocks to watch are Lowes (LOW), which will affect consumer staples and discretionary sectors, and Toll Brothers (TOL), which will affect real estate.
I would, however, still be very cautious today because we have some Federal Reserve data in addition to Nvidia (NVDA) and Target (TGT) both reporting on Wednesday.
So I expect volatility to ramp up ahead of the latest FOMC minutes at 2 p.m. ET on Wednesday.
The bond market (TLT) actually turned higher Monday, and it’s right at the 50-day line — keep a close eye on this.
Gold is moving higher and it’s still above its eight-day exponential moving average. I wouldn’t fade gold in this environment because odds are things are going to get worse in the next couple of months.
I’m not going to start dumping longs, but the fact that gold is at all-time highs every day, that tells me there are a lot of conflicting views about this market…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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