Stocks are up across the board, the first day this week the Dow has been up alongside the Nasdaq, which increases momentum levels.
We’re starting to see upside in the Financial sector (XLF), which is helping to lift the Dow — all banks are on my long list to start today!
It’s so much easier to trade directionally when everything is moving in the same direction — I call this the “ETF effect.”
Gold is approaching the eight-day EMA, and I’m still bullish but I’d be careful with these stocks today because Newmont (NEM) had a bad earnings report after the close Thursday. I’d like to see price go below the eight-day EMA, and then come back up to confirm.
Nothing is going on with crude oil, which means we should only look at the weakest stocks to short, and the strongest to go long, but there aren’t any particularly strong stocks right now.
China is in a bad situation right now…
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. LIVE at 1 O’Clock: Roger Scott and Kane Tsieh’s 2024 Election Summit
Roger Scott and Kane Shieh will be LIVE at 1 p.m. ET TODAY, Oct. 24, with the final broadcast of the 2024 Election Summit.
The room is filling up fast, and for good reason…
- His controversial S&P 500 post-election target.
- The one sector showing massive institutional accumulation.
- The exact strategy behind his 95% win rate.
- Plus, his #1 stock pick for what’s coming.
Last time he made predictions this bold, NVDA surged 190%.
And while we cannot promise future returns or against losses, what he’s seeing now could be even bigger.
Join Roger and Kane Here at 1 O’clock
Stated results are from hypothetical options applied to real published trades from 10/30/23 – 10/21/24. 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.
