Markets are moving randomly as we head into the final trading day of the week ahead of the holiday-shortened Thanksgiving week.
I said Thursday the market would bounce, or consolidate and grind higher. My money today is on the market won’t rise or fall today but rather grind things out before closing the week.
Now, why do I believe that?
Because we don’t have major strength or a catalyst, and we have a big holiday coming next week. Fridays also tend to be more of a consolidation day.
Crude oil is down off the 50-day moving average and near its eight-day EMA, so I don’t believe it will provide a boost.
What about gold?
I like what gold is doing, but I’d like to see more follow through. Finally, China also isn’t giving us much of a tailwind…
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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