Monday, August 18, 2014

9 Trades for TUESDAY | SchoolOfTrade Newsletter 08/18/14

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"It's kind of fun to do the impossible." - Walt Disney.
Notes for Tonight’s Newsletter:

·       Summer-Monday = low volume markets
·       Monday after OPEX = low volume markets
·       4th week of August = vacation week for Parents before kids return to school
·       Contract Rollover on Crude Oil to the 10-14 Contract
·       Janet Yellen speaking later Friday Morning at Jackson Hole Economic Symposium
·       Geo-political fears linger between Russia and Ukraine, as the rest of the world laughs at this Soap Opera in the making.

·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  geo-political woes seem to be on the back-burner, which makes Gold stuck in the middle of the range. 
·       Daily Chart:  we are trading in the middle of the range on the Daily Chart.
·       32-Anchor Chart:  bias is bearish, coming off the highs of the bear price channel & headed towards the range-lows at 1281.0
·       16-Anchor Chart: moving lower towards the lows of the range.  Lower-lows and lower-highs tell us to keep looking for selling opportunities.
·       Profit-targets below @ 1290.3, 1285.9, 1282.7, 1281.0, 1275.0

Crude Oil:
·       Contract Rollover to the 10-14 Contract
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  sluggish markets in Europe are pushing the Dollar-index higher, which is causing Crude Oil to move lower even as turmoil continues in the Middle East. 
·       Daily Chart:  pushing lower, testing major support levels at 92.98 with the next big drop down to a profit-target at 89.84.
·       32-Anchor Chart: lower-lows and lower-highs below the key moving-averages tell us to keep selling short with the proper entry set-up.
·       16-Anchor Chart:  big selloff today, but no lower-lows on the chart as of this evening, which leads us to think we may go sideways into Tuesday.  We are still focused on selling short at the zones above us.
·       Profit-targets below @ 92.96, 92.15, 90.66, 89.84

·       Long-Term Direction Bias = LONG
·       Short-Term Directional Bias = LONG
·       Fundamentals:  global tensions appear to be easing, and even with disappointing economic reports from Asia and Europe, the US Equities are still pushing higher
·       Daily Chart: pushing higher today, running into resistance at 1157.1 and 1169.7 overhead.
·       32-Anchor Chart: bullish and pushing higher into overhead resistance at 1156.9, followed by 1169.6.  We need to wait for a pullback off these highs into a possible 1142.5 or 1139.1 buying opportunity.
·       16-Anchor Chart:  pushing higher, but at the buyer’s target of 1154.9, so we need to wait for a pullback to AT LEAST the 1151.7.  We will stay patient to buy pullbacks and we do NOT want to buy these highs.

·       Profit-targets above @ 1169.6, 1175.4, 1187.7, 1198.4

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