|Day Low/High||40.31 / 41.62|
|52 Wk Low/High||17.26 / 40.06|
A dovish Fed will weaken the dollar, which will weaken gold, and vice versa.
Worries of slowing economic growth, trade wars and political problems not seen in today's trading.
This is a market where forcing trades is not going to produce very good returns.
Right now my focus is reducing risk as the market figures out if it is going to shake off the trade war worries or correct further.
There is nothing the market likes better than a strong economy and a dovish Fed.
Overall, I don't like the action I'm seeing on my screens. I've been a heavy net seller as I cut positions that are showing some relative weakness.
It is easy to argue that this market should be rolling over but it is not and that means we stick with what is working which are long plays.
The fact that the strong stocks are mainly index heavy weights is what is preventing an absolute rout of the indices at this point.
While today's action isn't attractive, we were ripe for a little profit-taking.
Regardless of what is moving the markets, it is a good example of how you have to focus on price action above all else.
The gold miner is a little stretched to the upside at the moment, but should present a buying opportunity on a modest pullback.
Risking below $22, traders could approach the long side of Kirkland Lake Gold look for gains to the upper $30s.
FB stock is doing nothing and that is all that matters in my book.
This is a stock with a terrible chart and questionable financials.