As several traders have commented in the past week, we're in a tight trading range that should break either up or down in a few days. Taking the S&P 500 chart for the past three months and drawing lines from the recent tops (lower highs from Dec) and bottoms (higher lows since Jan 23) you get a converging triangle. Meaning: once we break out of the range, the move could easily be plus or minus 10%. It's 50/50 and while in normal years I would be content to be 100% cash, being down more than 6% in the first seven weeks means I have to sometimes take more chances, such as with the TWM position which at the moment is $1k underwater.
At present intraday plus movers are:
Agriculture - MOS, POT
Oil - FWLT, KWK, XOM, CVX
Coal - JOYG, BUCY
Metals - SID, RIO, PCU
Gold - ABX
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment