5/26 Premarket

May 26, 2017-9:11 am traderscott General, Pre-market & Intra-day updates 0

Gold is setting new highs this morning, but the problem is it is at that 1265 resistance. It’s taking the lead, and my continued view of a favorable time period thru May – with a shot at 1295. So it’s contrarian, but it’s fine to see gold leading and pulling the others up with it. Crude oil was talked about yesterday and it’s setting more new recent lows. Trading below 48 could set up a bounce for the big shares, but the longer term opportunity is likely a ways away. The SPY set more new highs, and we still have the stock market bubble crowd with their warnings, same as the last several years,. That is supportive. But there is still the issue of the Transports, banks, and the Russell Index all lagging. That is a good scenario for trades on both sides of the market.

AAU has been a relative strength miner, to keep in mind for the next bigger bottom in miners.

IMMU mentioned several times is continuing to rally – with that huge 15 year accumulation area.

MGTI has become a play on bitcoin. I’ll be watching the selling reactions.

More retailers moving today. COST and DECK.

 

 

 

 

 

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About traderscott 1146 Articles
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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