Be A Lover
By Dave Landry | Random Thoughts
Random Thoughts
The Ps didn’t set the world on fire but they did manage to end in the plus column. This action was enough to keep them at all-time highs. Ditto for the Rusty. The Quack was the big winner on a relative basis. It ended up 3/8% this action keeps it at multi-year highs.
Overall it was a decent day but things were a little mixed internally. Half of the sectors ended higher, half ended lower, and the other half ended flat (to those without a sense of humor, that was a Yogi-ism).
Bonds bounced back a bit. Again, I’d like to them stabilize soon.
As far as setups, I’m not seeing fewer new buy side setups since the market is making new highs. This will likely change drastically on overall follow through and a correction (i.e. the next pullback).
I still like selected Metals & Mining stocks such as Gold, Silver, Uranium, and the Rare Earths. Just make sure you wait for entries here since they were a little soft on Friday.
I’m seeing a few shorts in previous high fliers but with the indices at new highs, I’m not going to fight it. It remains me of the Leo Melamed—Chairman Emeritus of the CME Group, Inc.–quote “Be a lover, not a fighter.”
Futures are soft pre-market.
Best of luck with your trading today!
Dave