Markets are up this morning and it’s nothing out of the ordinary, but I’m happy to see it because the Nasdaq and Dow have been diverging — going in opposite directions.
And when that happens, we get no movement in the S&P 500, which makes day and swing trading difficult. Volatility is also falling, which means things are getting more bullish.
There’s a huge disconnect right now between what the Federal Reserve is saying and what the market is doing.
The market rallied Thursday because jobless claims rose. But claims didn’t rise enough — a mere 16,000 — to justify that move. To me, this is ridiculous…
So the market is ignoring what the Fed is saying — that we won’t get rate cuts any time soon. And it’s reacting to super short-term data, which is not how things normally work.
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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P.S. Get My Crypto, Gold and Black Gold Predictions for the Second Half of 2024!
The second half of the year is almost upon us, and I have some BIG predictions for what’s coming!
At noon ET today, May 10, I’m giving my three major projections for crypto, gold and black gold heading into the end of the year.
After a massive run higher to start the year, crypto like Bitcoin and Ethereum have cooled off a bit the past month…
Same goes for oil and gold.
Will the red-hot momentum from earlier this year make a big comeback? Or these sectors poised for a steep downturn?
