Market Update – Gold/Stocks/Crude Oil
Trader Scott’s Market Blog
October 25, 2016
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Most markets are continuing to coil (trading range compression/volatility compression/building potential energy). But range compression ALWAYS leads to range expansion. We have some volatility coming up, and when mixed in with the current complacency, it could create some good/great buying opportunities (entry points). What I’m waiting for especially (at lower prices only) is mining stocks, silver, and agriculture (RJA). As to the general stock market, if selling gets extreme enough next month, there could be a good entry point. I have recently been chronicling the sectors of the stock market which have potential on the short side. One of them is crude oil.Another one is the energy shares ETF XLE.And while I am quite bullish on crude oil long term, I am quite concerned currently. That’s because the strong hands are not in control on the long side of the market anymore, the weak hands are in control (the same as in the stock market), which is a bearish situation overall. The gold market is generally in a stronger situation longer term, but even there, one more good selling wave could put gold on a very, very solid base. And, as I’ve been recently saying, into month end gold should generally continue to bounce from the recent $1243 low. But, we need to be careful about another top into the beginning of November.
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.
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