Gold, Silver, and Oil all showed life today with a snap back rally...although they did so on lower than expected volume. The bulls are trying to keep the uptrend going. The S&P 500 closed above the 1344/1345 area, but the volume was rather light. We'll see if it picks up in the next day or two. I jumped back into a few positions. Calls on WLT, ISRG, APKT, DD, CAT, and EOG. I did a few debit spreads to hedge myself a bit. I didn't like the light volume on many of the "up" moves today. I'll keep a tight stop on many of those positions. If any of these picks drop below their 50 day MA near the beginning of the session tomorrow, you might want to hold off and wait. If we get a strong buying surge tomorrow, I'll have a bigger list of stocks to jump back into. I'd stay clear of the silver trade for a few days. It is really in a position where it could go either way. If the dollar keeps strengthening, I can't see silver making another parabolic run any time soon. May tends to be a bearish month in the market year, so I will keep my eye out for signs of any possible false rally.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment