Trader Scott’s Market Blog
October 16, 2016
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Last week I sent an e-mail to our subscribers about shorting opportunities currently. One of them was XLE and energy (not natural gas big picture) and there are posts here and here.Since last week, XLE today went to a new low for this current selling wave. Short term, XLE is approaching a support level. But I need to see much more selling in energy to consider purchasing.
Lastly, I continue to be very bullish long term on agriculture, and have mentioned numerous times about using weakness in agriculture (RJA) to purchase. RJA is at a multi week high today, so waiting for the next selling wave to buy is the prudent strategy, as I never buy into strength.
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.