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Markets are mixed heading into the final trading day of the week, and volatility is starting to pick up — we need to be very careful right now.
Momentum levels are also falling because we don’t have a market that’s firing on all cylinders right now. Things started moving higher on the heels of today’s Employment Situation, which showed unemployment ticked up from 4.1% to 4.2%.
This may help the Fed decide whether to lower rates or not at the next meeting later this month.
Fridays can be pretty volatile before things usually settle down around 1 p.m.
Gold is above the eight-day exponential moving average and right at the election VWAP level with very little deviation so far… which means we’re still in wait-and-see mode.
The U.S. dollar is also giving us very little clues — which is why the gold market is also not moving. All of this is also affecting crude oil, which also remains its current channel.
We’ll also be watching the bond market (TLT) closely today, and if it breaks out, it will put pressure on the dollar. The bond market is favoring the upside…
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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