Stocks are up nicely ahead of Fed Chair Jerome Powell’s 10 a.m. ET speech in Jackson Hole, Wyoming, which could send volatility higher.
Everyone watching him speak is going to be looking for confirmation that he’s going to lower rates in September. If he starts hedging, saying things like…
“We’ll see what happens… We still don’t know… Everything is on the table…”
Then things could get nasty in a hurry, so be careful today.
I like what I’m seeing so far, however!
Crude oil is starting to head back up toward the 200-day moving average, but I wouldn’t focus on crude stocks just yet.
I still like gold quite a bit while it’s near all-time highs. The fact that it’s holding up in this market cycle is extremely impressive. The only reason why gold would not continue to rally is if things got deflationary in a hurry, and a bunch of traders started rotating from gold into the Russell 2000 (IWM)…
I also have an ETF you can look to for confirmation of this move, should it happen
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 Top 3 Stocks for the Rest of 2024, LIVE at Noon!
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With the election coming up, you need to be prepared. I’ll also show you why diversification is more important than ever.
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