Market action is largely random Tuesday morning and I wouldn’t make any moves ahead of today’s 10 a.m. ET Consumer Confidence data.
I’ve been talking a lot about crude oil lately and it’s not a good time to short energy stocks yet because crude isn’t breaking down, even if some stocks look weak. Just about every level of resistance is above current price, so it’s also not time to go long…
Which means I wouldn’t do anything right now. In fact, I think it will rise to resistance before breaking down again.
Gold is still strong but I have a concern…
It could be a little over-extended and I’d wait till it gets to the $2,607 level because I expect it to cool off a little. That doesn’t mean you should dump any longs you have, just that I’d be careful.
Bonds have been falling after the Fed’s interest rate cut, which will put pressure on the market. That’s the reason we haven’t seen a super strong tech rally like some might have expected…
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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