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Powell’s Testimony, Chip Stocks, Large Caps, NASDAQ 100, Bonds and Fast-Moving Stocks!

by | Jul 9, 2024

Stocks are up nicely premarket and semiconductors are rallying again…

If you’re trading the long bond (TLT), it’s forming a head-and-shoulders pattern, and the level to watch is $94.70. 

I’ve mentioned that I was worried that crude oil’s (XLE) breakout hasn’t been transferring to energy stocks, and XLE is now breaking lower again. 

When it comes to gold (GLD), there’s not much to talk about… It’s pretty much doing the same thing with a head-and-shoulders pattern, which usually means it’s going to revert lower. 

If rates come down in September, this could be the current peak for gold prices. 

Volatility is also down, and I wouldn’t be surprised if it’s almost time to start looking at VIX options once we get a pullback in the S&P 500…

The equal-weight S&P 500 (RSP) is going sideways while the SPY has been steadily pushing higher, so there’s a big divergence between them. And at some point, they’re going to start looking more alike… 

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

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

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Don’t just take my words for it, come Monday at 1 pm ET, I’ll be showing you how it all works.

See You at 1 O’clock

The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From 10/30/2023 to 05/16/2024 on closed trade signals, the average win rate is 95.91%, and the average return per position (winners and losers) is 13.45% with an average hold time of less than 24 hours on the options. 


WRITTEN BY<br>Roger Scott

Roger Scott

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