Stocks are down across the board premarket ahead of one of the biggest reports of the quarter coming Thursday morning: gross domestic product.
I’ve been warning for a while now that the move higher is overdone and the market should soften up. I don’t mean I think the rally is over yet, just ready to come down and consolidate a bit.
I’ve also mentioned a few times that volatility is going to start rising. And with stocks down like this premarket, we want to look at stocks that are making intraday highs against the overall trend.
The key level in the VIX is 13.73. If it falls below that, then the market should rally.
Crude oil is also spiking, and I like what I’m seeing here. I’m watching the $83 level for more upside.
Gold is also bouncing off a support level, and I believe gold and oil both have more upside ahead…
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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