As you know we put on some of our positions back on this afternoon (from the opening sale) and are now long CRK RGLD SU PAAS DO IAG TC NUE JRCC ATPG PCU CENX.
Being long commodities we're happy to see Dr. Copper (HG_F) strong tonight.
Our stop was going to be 108 but we're going to give it a bit more room due to earnings volatility and if market sells off we want to see how it reacts around SPY gap fill near 107.4.
We're hoping this 108-107.4 area is a short-term bottom. If not, we'll exit our longs.
As we looked through the charts of our positions tonight we liked what we saw in terms of entry on major support on all the stocks. What we'll be watching for is
positive divergence with commodities stronger than rest of market. If commodities go into the tank with the general market we'll cut today's longs loose and wait for the next set-up.
Options Indicate Bull Market Stage 1 Underway
6 minutes ago