Tech stocks are strong on the heels of a surprise earnings report from Tesla (TSLA), with CEO Elon Musk predicting at 20% vehicle growth next year.
New Home Sales is also an important report today after Existing Home Sales came in at a 14-year low on Wednesday.
Crude oil is hedging a bit higher and it’s touching the quarter-to-date VWAP, the eight-day exponential moving average, and the year-to-date VWAP. Energy right now is at fair value, and I’d only buy strong energy stocks making brand-new highs when they start.
And I’d only sell energy stocks making new lows — the top candidates to watch right now are Marathon Petroleum (MPC), which is breaking down after touching the eight-day EMA, and Valaris (VAL).
The gold market is approaching the eight-day EMA, and if you can get it right when it hits the line, it may be worth going long, but only after it comes down for a day or two.
The 10-year note, meanwhile, is certainly not helping anything with sensitivity to interest rates, but it could help tech if it comes up a bit…
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. Don’t Miss My 2024 Election Summit!
Remember when I predicted Nvidia would become 2024’s top performer back in December?
Well, it’s up 190% since then.
But here’s what’s really interesting…
I just wrapped up my 2024 Election Summit, where I revealed something I believe is even bigger than my Nvidia call.
You see, while everyone’s debating who’ll win in November, I’ve uncovered a way to track institutional money flow in real time…
It has nothing to do with candlesticks, technical patterns, or those unreliable AI trading systems.
Instead, it lets you see exactly which stocks Wall Street’s biggest players are likely buying or selling… as it’s happening.
Using this approach, I’ve been able to deliver a 95% win rate on 259 trade alerts so far this year.
But what’s really catching everyone’s attention is what I revealed about the markets after the election.
Stated results are from hypothetical options applied to real published trades from 10/30/23 – 10/20/24. The result was a 95.75% win rate on 259 trades, an average return of 12.3% including winners and losers and average hold time of less than 24 hours. Performance is not indicative of future results. Trade at your own risk and never risk more than you can afford to lose.