Volume is light ahead of Tuesday’s three big Fed reports that include Consumer Confidence, New Home Sales and the Richmond Fed Manufacturing Index, which all arrive at 10 a.m. ET…
Which means we won’t see where we really stand today until then — this means we shouldn’t do anything before 10 a.m. except liquidate positions.
We also have the latest FOMC minutes coming at 2 p.m. ET, so we’re likely to see less movement today. Not to mention, it’s going to be a very light week in terms of volume because of the upcoming Thanksgiving holiday.
The market is closed Thursday and closes at 1 p.m. ET on Friday.
Gold is also not helping the market at all right now after a bad day Monday. Odds are it’s going to stay between its 50- and 100-day moving averages for the next several days.
Unless gold can regain some stability and rise back to the $2,760 level — I would NOT enter any long positions in gold until that happens.
It looks like it’s starting a downtrend, which I predicted after the election, because China is no longer buying gold. Short-term rates are also starting to move lower, which is bearish for gold…
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. Unlock Hidden Opportunities From Major Stocks During Weekend Downtime
While everyone obsesses over Q3 earnings from Walmart, Target, Nvidia…
Most traders are still missing something huge.
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I’m talking about targeting weekend income without buying a single share.
Think about what your weekends could look like…
Place a quick, 2-minute trade on Friday before the market closes.
Hit the golf course or spend time with family…
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According to our backtesting, that’s exactly what would have happened on April 25…
While others waited anxiously for Monday’s market open, anyone who knew about this could have walked away with an extra $917.
The following weekend? Another 2-minute setup led to $1,852 by Monday morning.
Granted, there would have been smaller wins and those that did not work out. but here’s what’s fascinating…
You can target this weekend income from all the big names making headlines right now…
Like AAPL, NVDA, MSFT and More!
The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. The trades expressed are from historical data in order to demonstrate the potential of the system.
