Yesterday oil, silver, gold and miner ETF's pulled back. The dollar had a small gain but nothing significant. The IWM, IBB, SMH and the financials held up really well. There doesn't appear to be real conviction in either direction and that is a recipe for a choppy action.
It wasn't a big surprise to see oil pull back after its seven day run and now we have rumors that Iraq is boosting its exports, we have a ceasefire in Nigeria and strong oil output from China which all points to negative pressure on oil's price per barrel. The market and oil correlation hasn't bee as prominent as it was earlier in the year so we could see them moving in opposite directions.
Miner ETF's are getting a little bounce premarket but gold is slightly red. Keep an eye on the dollar which seems to be in a holding pattern as we approach the Jackson Hole event later in the week.
The indexes and sectors are still trading in a very tight range and they could continue to do so until something happens that gives either the bulls or bears a reason to latch onto real conviction and press their bets.
If you aren't good at trading in this type of choppy action then sit on the sidelines. Do some research on stocks that you are interested in owning. Build a wish list, put some trade action plans together. Study charts or specific types of setups. Don't force trades just to trade. There are plenty of things you can do to strengthen your skills and it would be time wisely spent.
| Today's Markets
In Asia, Japan -0.61% to 16497. Hong Kong +0.2% to 22998. China +0.2% to 3090. India-0.01% to 27972 .
Today's Economic CalendarIn Europe, at midday, London +0.61%. Paris +0.70%. Frankfurt +0.90%. Futures at 6:20, Dow +0.3%. S&P +0.2%. Nasdaq +0.3%. Crude -0.80% to $47.03. Gold-0.01% to $1343.30. Ten-year Treasury Yield flat at 1.56%
8:55 Redbook Chain Store Sales
10:00 New Home Sales 10:00 Richmond Fed Mfg. 1:00 PM Results of $26B, 2-Year Note Auction |
STOCKS ON MY RADAR PREMARKET
*PR = Press Release
BBY nice earnings beat CEVA PR hot daily chart small floater right sector
CEMP PR hot daily chart small float
TSL earnings getting some action premarket has a going private proposal in the works
TLGT pr flirting with an 8 roll lots of debt and negative cash flow be careful
RNET flirting with a 13 test had some pr tiny floater don't chase
FLML insider buy 14.30 a share only 5k shares 14.50 resistance on the daily being tested premarket
Here is the link to the video
http://ticker.tv/vegastrader66/57b9cdc7f72261d67902f655
I am not posting this video to brag or boast and I will likely never do anything like this again. I wanted to show people what I and https://www.alphawolftrading.com/membership is on a mission to accomplish. I want to teach people how to become their own consistently profitable Alpha Wolf Traders. Be part of the pack but remain independent and self reliant! My P&L should have no influence on you. Just because I have these results doesn't mean you will. The size of your account, your risk tolerance, your ability to execute and your discipline to establish a clear trading plan all play a role in your ability to succeed.
Week Of August 15th trade reviews with P&L from Alpha Wolf Trading on Vimeo.
August 19-26th Market Wrap and Sector watch from Alpha Wolf Trading on Vimeo.
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