Commodities and shares have been on fireplace the previous two weeks and I feel it simply could also be time for issues to take a breather. Whereas I proceed to remain lengthy, taking some cash off the desk to lock in income is a secure play. Simply from a fast look on the charts we will inform the percentages are pointing to some sort of pause or pullback within the coming days. I determine any day now we might see some revenue taking.
Gold ETF Buying and selling – GLD
The Gold ETF is one in all my favourite buying and selling automobiles. Utilizing easy pattern strains and looking out on the latest value motion you possibly can see that the worth of gold is wanting prepared for a pullback. Shopping for at this stage is chasing and that usually means you purchase on the excessive and panic out on the low.
Silver ETF Buying and selling – SLV
The Silver ETF seems to be to be in the identical boat as gold. I count on to see some sideways value motion or a pullback.
Pure Fuel ETF Buying and selling – UNG
The Pure Fuel ETF certain has given everybody a wild journey prior to now 6 months. The bear market continues to be in place which will be seen on the every day chart. Thus far this week the worth has damaged down and buying and selling on the $11 help stage. This fund might generate a purchase or promote sign with my buying and selling mannequin within the coming days so I’m ready for a transparent entry and exit level earlier than leaping on the fuel wagon.
Crude Oil ETF Buying and selling – USO
The Crude Oil ETF has damaged above its resistance pattern line this week however nonetheless struggling to maneuver above the August excessive. Quantity is declining whereas the worth rises which is a bearish indicator. USO seems to be prepared for some sort of a pullback because it digests this breakout earlier than transferring greater.
Mid-Week GLD, SLV, UNG, USO ETF Buying and selling Report
What does most of the people hear and take into consideration the inventory market?
From latest emails, native monetary information exhibits, household, pals and so forth… all I’m listening to is how sturdy the market is. Indexes are making new yearly highs and firm earnings are higher than anticipated this quarter. Feels like all we have to do is purchase and life might be nice!
Nicely for my part the market is the right software for misguiding and irritating most of the people. All my indicators are telling me we’d like extra of a correction earlier than rallying a lot greater. The market (sensible cash) usually anticipates good and unhealthy information a number of weeks if not a month prematurely. So the query is:
Are firm earnings already priced into the market? Is all this constructive market protection getting most of the people to purchase up right here at this attainable market prime?
The reply is, solely time will inform. Nobody is aware of for certain what the market goes to do however quick time period strikes will be predicted with comparatively excessive accuracy. Do not get me fallacious, I’m nonetheless bullish available on the market however with all this excellent news turning into public data it’s a must to surprise what’s subsequent. I’m nonetheless lengthy the market however trimming my positions to lock in income and nonetheless keep within the sport.