SHORT SAFM $36.87
ADDED SHORT MGM $11.26
SHORT STEC $27.68
SELL 1/2 DYN $2.35
SELL 1/2 MVIS $4.97
SHORT ROC $16.68
COVER USD/CAD $1.0719
All equity markets had a big correction today, falling +2%. They are testing the bottom trendline of the upward wedge pattern and any further weakness will see this market go lower. The market should bounce here in the next day or two, otherwise, I see a more significant reversal. It is interesting to look at some of the other indicators here, such as the MACD and Stochastics to find trendlines and divergences. To me, it looks like the markets are forming negative divergences, which means that as the market continues to go higher, momentum is slowing down. This indicates that the market is either going to start trading in a neutral range or down. Stay tuned tomorrow as there are also some important economic indicators being released, such as the US employment data, which could significantly move this market either direction.
The bulls and bears are battling for the $1000 mark in gold and Oil is being held up between $67 and $71.
I've traded the USD/CAD nicely this year and I'm up 66% YTD, mostly on the short side. I have caught some countertrend rallies, but money is being made big betting against the US$. The USD/CAD is trading in a downward channel right now between 1.065 and 1.10 and I will be looking to short it as it hits the upper channel or moves up to the 1.0925 level. The weekly 100 day MA is also providing some resistance right above at around 1.10026.
ADDED SHORT MGM $11.26
SHORT STEC $27.68
SELL 1/2 DYN $2.35
SELL 1/2 MVIS $4.97
SHORT ROC $16.68
COVER USD/CAD $1.0719
All equity markets had a big correction today, falling +2%. They are testing the bottom trendline of the upward wedge pattern and any further weakness will see this market go lower. The market should bounce here in the next day or two, otherwise, I see a more significant reversal. It is interesting to look at some of the other indicators here, such as the MACD and Stochastics to find trendlines and divergences. To me, it looks like the markets are forming negative divergences, which means that as the market continues to go higher, momentum is slowing down. This indicates that the market is either going to start trading in a neutral range or down. Stay tuned tomorrow as there are also some important economic indicators being released, such as the US employment data, which could significantly move this market either direction.
The bulls and bears are battling for the $1000 mark in gold and Oil is being held up between $67 and $71.
I've traded the USD/CAD nicely this year and I'm up 66% YTD, mostly on the short side. I have caught some countertrend rallies, but money is being made big betting against the US$. The USD/CAD is trading in a downward channel right now between 1.065 and 1.10 and I will be looking to short it as it hits the upper channel or moves up to the 1.0925 level. The weekly 100 day MA is also providing some resistance right above at around 1.10026.
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