Crude Oil has pushed higher into the wedge highs after they were expanded higher giving us the retest we were looking for. Now that we have fallen off those highs, I will be looking to sell this market lower towards 93.68 as well as further down to 93.07 and the wedge lows under that. We do have quite a few buy zones that we have to break through so it might be sloppy as we continue lower.
The Euro took quite the tumble this morning with the jobless claims news (as well as the rest of the news at 8:30am EST) and got completely slaughtered down to 1.3300's. This push knocked us right into some very large buy zones which may cause this market to pop higher. I am looking to take this continued short to 1.3270 as well as long out of the buy zone up to 1.3368.
Gold caught a large move higher on the news this morning pushing price straight into the BMT at 1322.4 which gave an opportunity for large funds to drop MASSIVE contracts short and pushed the Gold market straight down under the wedge lows and blasted it through the buy zones as well. I am looking to continue to sell this market lower as we broke the buy zones and targeting the next zone at 1275.8.
The Russell caught as nice up move from the news this morning at 8:30am EST which pushed the market straight into the BMT at 1102.6. This gives the large funds a "fair" area to drop large orders in. I will be following these massive orders that are coming in and selling this market back down to the wedge lows and possibly further for a blow off to 1094's at the previous swing lows. Come join us in the room and see how we do it!