Tax Day DONE!!
Hi everyone! Reason this is coming in so late is that I had to help the family with their taxes tonight. Yes, we are a house full of procrastinators (not me…lol), and good ol’ Omar had to help the younger brother get it done before the deadline. But at least it’s all finished and now we can move on.
Markets were interesting the last day especially the drop in the FTSE that accompanied the rise in the Pound. May is calling for a general election to be held in the summer and although the currency liked that idea, the equities markets reacted the opposite. Just like when we see a strong dollar rise hurting indices for the day, the Pound also carries significant weight in global markets. However, I am not convinced that the equities are sinking, because I don’t see either a big enough drop, or the trimmings of a failing stock market(s). However, if gold takes off higher and stronger, then I will start considering the short side of equities again, BUT ONLY if they actually take a decent percentage drop (don’t look at the numbers look at percentage).
We have a webinar today. Details below:
Please register for Triple Threat Wednesday London Webinar Series on Mar 29, 2017 12:30 AM PDT at:
Join the Triple Threat Trading Team as we attempt to find trades, discuss the market and our beloved approaches. Starts 30 minutes after London open. Come and join the party!!
News is not a concern yet again today. We do have crude inventories but that has not been to fruitful for moves lately, but I still recommend checking it out when it happens in case we do get a move.
OUTLOOK BY INSTRUMENT:
GOLD: We saw some opportunities yesterday to long, but they have collapsed right back where we started. I definitely think a long is advisable per the weekly and yesterday’s analysis. We should be careful though unless/until we break and hold above 1292, but I would like to be in a trade before we get there. Again, no shorts for me unless/until we crack back below 1265
OIL: Nothing has changed. Missed my forward order by 3 frigging points! I still have it open. We will see what happens at 52 but I am looking for a bounce there to go along with my forward order.
INDICES: Although we took a dip yesterday, I don’t believe things have changed fundamentally. However, the DAX at 12000 is attractive for a short if we end up with another down day in indices and a rally in the gold market.
LONDON OUTLOOK VIDEO: