One of the perks of being a subscriber of The Entry Points premium content is that Trader Scott sends our members comments every morning about market directions, movements and stocks we are watching for set ups. We release these comments in an edited form afterwards from time to time to allow our visitors a little peak into our premarket information.
5/22:
Keeping it simple. Stock indexes are just range trading, despite all of the emotional garbage (news) out there. The SPY and the IWM have both had springs and upthrusts throughout this range, but it’s still just a range. The important index to watch is the QQQ, With the crap news about the FBI, the QQQ had the selling wave, and as we pointed out at the time, there is going to be buyers stepping in. The QQQ had a classic gap buy setup.
PMs should still be in rally mode thru..and then we’ll see about a bigger pullback. Silver – last night we had a discussion about the trading setups in silver. And back up into resistance and spikey. I’ve lightened up from the great 5/9 setup, but I always sell too early.
5/23:
The stock market tends to rally into Memorial Day, and the QQQ wants to rally back to the highs, and once again confuse the “crashtalkers”. I sold a QLD way too early..to reiterate, a big stock market selloff without news, is the time to believe something much more serious is here. In the meantime..
Silver has now begun leading, with the miners lagging once again.
..has been mentioned several times about the 15 year trading range, and the huge potential.
5/24:
Gold is still in the range..but the PMs in general have another time frame for a low..so another ridiculous excuse to sell gold and set up a good low again. Likewise in GDX with a break below 22.40 (tradeable low). The stock market is also in a favorable period into Memorial Day. There’s so little volatility in those indexes right now, so the good breaks set up some short term buys, but that’s it for now. The fed minutes this afternoon could be the catalyst for selloffs in PMs, and the stock market, and then maybe a setup for a short term low. But the setup has to show up first.
TCS positive reaction to earnings, and a new multi-month high.
GLYC is still very active, and trades abound. But it’s getting very compressed in here, and into resistance areas. I have no position, but it’s for very short term at this point.
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