Tuesday’s lack of trading volume made it feel like a Monday. And whenever you have low volume, it’s hard to get any momentum off the ground.
Things are a bit softer this morning, with all three major indices down as the market digests the move higher. Looking at volatility, I see it continuing to fall.
The earnings reports we have on deck also aren’t the most volatile companies, which should play into my thesis even more.
Gold and crude oil, meanwhile, are down while the dollar is up. Bonds are also a little lower and there’s the same kind of consolidation in the long bond (TLT) and the S&P 500 (SPY).
If you see the bond market get weaker right here, it’s going to start pushing volatility higher and the stock market lower.
My internet went out during this morning’s live steam, so here’s my list of longs and shorts for the day:
Long Stocks:
- GOOGL
- BSX
- ECL
- SN
- ATI
- ZBRA
- GE
- DD
- VLRO
Downside Stocks:
- DIS
- ULTA
- BAX
- APLS
- EXPE
- TXG
- SPT
- ILMN
- PZZA
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. Have You Seen My ‘Big Picture 2024’ Event Yet?
The pre-election madness is already ramping up, and the talking heads are already spewing their gloom and doom stories.
But I’m laser-focused on one stock and sector that’s likely to surge as we get closer and closer to the big day in November.
So they’re at the top of my long-term hitlist, and I’ll reveal them live at 1 p.m. Eastern today during another special session for my Big Picture 2024!
I’ll have that along with my shocking prediction of where I see the S&P 500 closing the year and more…
