Intraday Markets Day 1
Trader Scott’s Market Blog
January 3, 2017
So there we go, first trading day and alot of volatility right off of the bat. Some markets going to new highs and having big selloffs, others going to multi-week highs, and others backing up to test opening gaps and then rallying strongly. First, the US$ went to a new 14 year high above resistance, and fell right back into the range (upthrust). While the Euro went to a new multi-year low, below support and rallied right back (spring). Crude oil is testing the bottom of the trading range from where it started its’ July 2015 downtrend. And it too had an intraday upthrust. Bonds started the year off weak, but they also did a reversal, and yields went to multi-week lows. Here is the bond ETF price chart. The stock market has had a volatile first day. One of my favorite indexes to do very short term trading is the QQQ. I have no position currently. The QQQ had some short term accumulation come in Friday afternoon (arrow). And this is one (all the stock indices did this today) which gapped up and retested the gap. Then it went right to Friday’s resistance high and promptly sold off right back to today’s lows. And here’s a bigger picture view. Goldman Sachs has pretty much been the leading stock in the “Trump Bull Market” (which started on March 6, 2009). It’s a stock to keep watch of, once again a reversal from the highs. As to PMs, another retest of the opening gap this morning for a very short term entry point. The GDX shows the setup, and any of the leveraged ETFs, even shorting DUST, can be a good way to trade these setups. And as per usual, I took profits way too early. (Comments section from previous post.) And lastly gold and silverwith resistance and support areas. The previous post dealt with the relationship between gold and the US$, and how there is not a 1:1 relationship – how one bottoms/tops before the other. Today the US$ went to a new 14 year high, yet gold was nowhere near its’ 12/15 low. Backups are still for accumulating.
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day.Scott returned to markets over fifteen years ago where he continues as an independent trader.