Markets

Short week for the stock market last week from the Thanksgiving holiday. The markets did show a rebound but I'm still choosing to not to place any trades on sector affiliated securities. I did enter a position on GLD because of it's solid bounce of the 200 day Moving Average. I'm keeping a tight stop on the GLD position  at $166.90.  If GLD doesn't quickly move in my favor then I want out of the position. Petroleum report shows decrease in inventory with increase in demand. The petroleum news if favorable for my USO position and i'm hoping for a solid rally over the next few months. 

Possible Long Term Trend Change

There has been wide range of securities in the market violating long term trend lines and 200 day moving averages. It is looking like there might be a possible change in the market. Not sure whats going to happen in the future but I am definitely putting a tight chain on all position just in case. Also, I won't be entering any new positions due to the absolute uncertainty that I am experiencing about the market.  

market update

Not much going on in the market for the week. Stocks prices still retracting from previous rally. Set a position for USO with a stop price of 28.50. Given the nature of the trend expecting a bounce off the lower bound channel line. GLD had a strong response as it bounced dramatically off the 200 day MA. Due to previous GLD trade being stopped out from unexpected price drop to test the pattern validity, I will be looking for a new entry point provided trend continues in optimal direction.

market

The employment situation was released on Friday adding 171,000 jobs to the market. Unemployment rate is now at 7.9%. QQQ is starting to enter the oversold levels on the stochastic indicator while testing the 200 day moving average. USO is also treading in the oversold areas while price is nearing the $30 support level. I will be watching these two closely looking for a valid entry signal.

New Addition to my Watchlist

International trade's released last week showed weakness and the slow global economy is still continuing to impact the industrial sectors. Industrial Production numbers released this week indicate sluggish activity due to the continuous decline of U.S. exports. Oil Inventories are continuing to rise while refined products still remain scarce. Gas prices continue to rise but oil prices are beginning to fall due to the increase in supply. The demand for gasoline is still pushing gas prices higher while the inventories of oil are pushing oil prices down; there is a gap occurring and this gap is call Profit Margin. If this gap continues there are going to be some upside plays with companies like (XOM) or Exxon Mobile Corp. Looking at the Exxon stock chart  price has already broken a 2 yr. high, although momentum is beginning to fade and price is currently overbought. . I'm putting XOM on my watch list and will be monitoring the stock waiting for the price to enter oversold region on my Stochastic indicator. If price of XOM holds its new support at $88.50 and enters the oversold region on my indicator then I will be looking for an entry point. Patience is my best friend right now; jumping the gun could cost me big.

Market News

The market has retracted significantly over the past few weeks  and QQQ is showing signs of entering the oversold region. I'm watching QQQ pretty close right now waiting for some type of rebound on the trend line. PPI was released on Friday showing continuous inflationary growth.  I'm holding my GLD position waiting for it to take off. USO is hanging in the balance right now as the market decide where it wants to push the price. I'm going to give USO another shot since my last position got stopped out. I'm looking for a break of $35.25 or a touch near the 30 dollar region before I renter the position.

Employment rate

Employment rate was the biggest news for this week. Employment rate dropped to 7.8 percent last month. You got to ask though if this is because of the election. The market in normal circumstances would have soared on news like this but seems everyone is skeptical on those numbers. When I saw them first thing that came to my head was, election; look for the revision. No new positions just waiting from QQQ to pullback to enter long side. Still holding XLV and GLD.