August 24th, 2016 Watch-list
Evening traders! So I had planned on doing a video watch-list tonight, however we didn't receive many student requests today so we're going to go ahead and do a written watch-list. Overall we saw the DJIA mixed for the day, closing in the green by 17.88 points. We're still seeing it hang out between that 20sma and 18668 resistance level. Attached below with key support and resistance labeled. Still bearish overall going forward.
Current Gold Related Potential Plays On Watch:
GDX/EGO/RIC: We saw our potential Gold plays settle down today. We're seeing GDX right near that 50sma. Like we talked about before, this is the key area we'll watch for a reversal. If it ends up trending lower, we'll re-adjust and go forward from there. It is very key however that Janet Yellen will be speaking later this week. Could drive the markets one way or the other so there is added risk for the time being. If the DJIA and S&P break down, I expect there to be a drive towards Gold, which would be very good for our plays. Once we get through Friday and see what Yellen has to say, the risk decreases as we will have a better idea of what to expect (more conservative traders, consider sitting things out until Friday comes and goes). All 3 charts are attached below. Highly recommend waiting for a 15 minute buy as well on all of these plays.
Other Below $20 Plays:
TRQ: Another mixed day for this one. Still hanging out right at the lower end of our buy range. Have stops set at $2.98 in my opinion.
Current Above $20 Plays on Watch:
DWTI: We saw this one go up today and hit our initial target of $79, however we're still waiting for a 15 min buy along with a daily buy. Let's see if this one can settle for a day or two and give us the daily and 15 minute buy.