CTA Trading Desk Morning Report
[7:00am ET] Good morning, Geoff here.
Stocks: The bulls failed to prove that stocks could make new highs yesterday. As seen in the chart below, bears won out which simply means that buyers are drying up and until we see them come back, it is time to remove stock risk. However, the recent rise in volatility has moved sentiment away from extremely bullish (bearish for the market) which is favorable for dip buying knowing that the liquidity pump is turned on. My thesis of a sideways trading range like we had in September and October of last year may work out, we shall see.
Gold: Volume is beginning to dry up on declines. This is a good sign for gold and gold miners to lift. A reliable buy signal is for an uptick in $BPGDM off the lows, but that has not occurred yet.
The shift from equities to gold may be starting but until trend actually changes, it has not.
For those of you receiving the free weekend reports, I will not be producing one this week due to family obligations. However, my Monday morning report will be robust.
Have a great trading day and weekend!
Here are the 7:00am ET snapshots of the latest equity market trading results for Europe, and futures prices plus 5-minute charts of the futures for S&P 500, 30-year US Treasury Bond, US Dollar index, Gold and Crude Oil.
|Symbol||Name||Last Trade||Change||Related Info|
||25.80 (1.05%)||Components, Chart, More|
||1.00 (0.04%)||Components, Chart, More|
||48.49 (1.30%)||Components, Chart, More|
||63.96 (0.83%)||Components, Chart, More|
||3.05 (0.90%)||Components, Chart, More|
|^OSEAX||OSE All Share||519.90
||0.63 (0.12%)||Components, Chart, More|
||1.63 (0.43%)||Components, Chart, More|
||21.66 (0.29%)||Components, Chart, More|
||31.10 (0.49%)||Components, Chart, More|
||6.07 (0.60%)||Chart, More|
||0.00 (0.00%)||Chart, More|
|GD.AT||Athex Composite Share Price Index||997.31
||10.68 (1.06%)||Chart, More|
The team will check in during the day, reporting in the Discourse when there is a new entry.
Enjoy your day.