If you look at where we have gone in the markets as this week ends we are almost exactly where we were when it started. We have been talking about some key price levels that we need to take out with conviction if we are able to continue this rally we have seen for the last couple of weeks. The SP-500 managed to close above the 1950 level and it was good too see however I would not call it a conviction move. The IWM is approaching the 103 level which could serve as significant resistance and the IBB is still struggling below its band of resistance.
Which just leads me to believe we still have work to do if we are to change my views on the health of the markets.
As I said yesterday gold appears to be consolidating since it really hasn't had a parabolic move yet. It appears to be taking a pause, building a bit of energy before it take its next significant move. If the markets fail to take out key levels I suspect that next major move will be higher. That doesn't mean that we cant get some short term action in DUST and JDST.
Oil and the sector continue to act as though we may have seen the lows. I only say that because we have had a lot of negative news out of the sector considering all the dividend cuts, earnings misses and job layoff announcements. The price action has the look of stabilization but that can change in the blink of an eye and the markets are still moving in tandem with the price of the black gold.
We have a G20 meeting starting today with finance ministers from the worlds leading economies gathering to to discuss how to address the global economic weakness. There could be something from that could impact market direction over the next couple of days.
Warren buffet will release his annual letter to shareholders this weekend. It is always interesting to see what one of the worlds most successful investors thinks about the economy and what he sees on the horizon.
The GDP numbers that are due out this morning could be a market moving event if there is a surprise in either direction.
If you are nimble enough this is a a great scalpers market. If you are trading ETF or ETN make sure you understand what the vehicle you are trading is and how it functions. They are not designed to be long term holds. They are short term trading vehicles. Grimm was kind enough to share her trading rules. They are located at the top of the page and I want tot thank Grimm for taking the time to share them. I also want everyone to know that no system is guaranteed. This set of rules works for Grimm, she has managed to put together a great niche for herself and she knows that the rules are only as good as the market conditions and her ability to stay disciplined enough to follow the rules. If you want to learn more come check out the Traders Den http://www.chatzy.com/TradersDen
We are looking at a gap open in the markets lets see if the economic data we get today impacts how we close. I will be doing my market wrap video later today or early tomorrow and another Ticker Tv Stocks to watch on Sunday @ 8 am Vegas time.
Trade them well today!
Today's Economic Calendar
8:30 GDP Q4
8:30 International trade in goods
8:30 Personal Income and Outlays
10:00 Reuters/UofM Consumer Sentiment
10:15 Fed's Powell and Williams: "Fed Communication Away from the Zero Lower Bound"
11:30 Results of $28B, 7-Year Note Auction
1:00 PM Baker-Hughes Rig Count
1:30 PM Fed's Reserve Gov. Lael Brainard speech
Volatility Oil Biotech
UVXY XIV VXX TVIX UWTI DWTI GUSH DRIP IBB LABU LABD
Gold SILVER Dollar Financials
GLD NUGT JNUG DUST JDST GDX GDXJ USLV UUP FAS XLF FAZ
UVXY XIV VXX TVIX UWTI DWTI GUSH DRIP IBB LABU LABD
Gold SILVER Dollar Financials
GLD NUGT JNUG DUST JDST GDX GDXJ USLV UUP FAS XLF FAZ
Stocks on my radar premarket
SUNE gapper off of news from court case
IDI some pr like it for a potential 5 roll
BIOC news could get some snap back action TROV could also move in sympathy
JCP earnings and Guidance has already made a nice move though 
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