Good morning stock traders!
$SPY $ES_F
I don’t expect any $SPY related trading until election unless there is some unexpected “width” in trade.
$VIX – $TVIX $UVXY $XIV
I do expect to be trading $VIX related instruments between now and election… however, with current chart I would like an entry when $VIX closer to 13. It is currently 15.2.
$DXY US Dollar Index ($UUP) – $FXY Japanese Yen Trust, $CNY, $TZA, $SMK / $EWW
$DXY is far from broken – break-out still intact. Upside resistance levels. Currently at 98.84. Look for further run in $DXY ($UUP), $FXY (Japan Yen) continued pressure, $CNY (China Renminbi/USD ETN) continued deval, possible continued run with $TZA (small cap bear), and $SMK / $EWW (Mexico) I am watching for an election play.
$DXY US Dollar Index upside res 98.61, 98.78 (short term PT), 98.91, 99.17, 99.28, 99.64, 99.80
— Melonopoly (@curtmelonopoly) October 21, 2016
FX $USOIL $WTI – $USO $UWTI $DWTI $CL_F #OOTT #Crude #Oil
Crude is well above its traditional charting diagonal and horizontal trend line supports and within its trading range. EPIC the Oil algorithm published targets for 1:00 today and current price action is almost perfectly between the two main alpha algo targets published. There is a significant time / price cycle terminating no later than Tuesday Nov 1 at 9:00 PM ET and normally price will move in or out of current trading range before the termination. In this case my bet is a movement before 4:30 PM Tuesday but it could be anytime now.
https://twitter.com/EPICtheAlgo/status/791878422788202496
https://twitter.com/EPICtheAlgo/status/791504866640363520
Gold / Gold Miners – $DUST $JDST (Bear) / $NUGT $JNUG $GDX $GDXJ (Bull) / #Gold $GLD
I was looking for an entry in $GLD at the 114.00 / 115.00 area (intra-day price 120.98) – but I don’t think now I will get that before the election (that was the plan so I will watch). Gold at 1266.65 is still one level up from my target.
Even with the pressure on the miner’s yesterday (even though a pull-back is likely short-term), I am looking for that move to continue over next week – again with election things are more difficult to future cast.
Going in to election however, I am very bullish most commodities. WITHIN DAYS I WILL BE HUNTING DOWN company equities specific to a strong move I see coming very very SOON.
Silver – $SLV, $USLV, $DSLV
My position with Silver ($SLV) is similar as that with Gold ($GLD) in that I am waiting for one more downdraft – here again I may not get that.
Natural Gas – $UGAZ $DGAZ
My thesis was the recent run-up (which we got and I miss timed) – but short term as with Gold I expect on level down in the elevator (again, could be wrong) so that is what I will watch for.
Summary
With all of the charts relating to the above I will be watching for support and resistance levels that make sense to trade (trying to only take trades on major pivots is important). Next week our charting and algo charting publications will become very detailed (in separate reports) which will make this discussion and trade planning more clear as a result of the detail (and the chat room / broadcasting will be going live – that will help clarity and intra-trading too).
Have a great day! May you bank and bank more! Freedom is calling your name!
Curt
PS: Other…
US GDP on deck as I write – looks like a small increase..
Rig count today 13:00 EST
12 Stocks To Watch:
AMGN, AMZN, CVX, Data Processing & Outsourced Services, Earnings, EXPE, GOOGL, Health Care.
http://www.benzinga.com/news/earnings/16/10/8616065/12-stocks-to-watch-for-october-28-2016