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Tuesday had Janet Yellen speaking before congress, and the USD and Gold both actually acted as expected. That's a relief. Let's review the markets and then of course we have to discuss the day that Nak got Whacked. What can we expect next after that big reversal?
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SPX - The markets are on their way higher after a long consolidation. That consolidation gives energy to the move and even though the vix is low, I would just use a trailing stop and follow this higher. It is turning into a nice steady move higher at this point, and these can just melt upward.
Read MoreI believe that Fed Chairman Janet Yellen is meeting with congress on Tuesday to discuss monetary policy. This could affect the USD and Precious metals if she mentions inflation and interest rate hike expectations, so let's take a look at what the charts are telling us.
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The SPX continued higher, and this makes this likely a right translated daily cycle. The bullishness of the general markets is holding on.
Read MoreALONG WITH THE WEEKEND REPORT, I WANTED TO ADD A REPORT SIMPLY DISCUSSING SOME RECENT TRADE SET UPS. A PULLBACK TODAY COULD OFFER OPPORTUNITIES IF THE DIP IS NOT SEVERE.
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NAK was a buy all last week, and I pointed it out as a consolidation in an uptrend.
WRN - I also pointed out WRN as a nice weekly and daily set up earlier last week. It has popped to $1.62 since I posted this weekly chart, so what can we expect if you took this trade? The following charts can help...
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