I receive a few free reports from things that I signed up for over the last year or so. Usually it is just the same dribble about markets and commodities and cliches trying to sell me services. There is one that seems to be on the mark more often than most and it is put out by the classic "professional trader who has made tons of money guru"...whatever. It takes a moment to glance at it so I keep it coming. Every once in a while I glean a thing or two from the chaff.
Today I went looking for stocks in th $10 - $20 range to freshen up my DTing portfolio, my energy stuff is getting too tight (total pivot point range is $1 so the targets are so small as to be non-existant...these points won't be much good. More on that later)
Anyway. I reworked a separate portfolio in gold, which is where I started this whole DTing thing. Looked at the HGU and HGD to play against each other as they are both in the $10 range right now it is a great time to start with them. I need to do a little historical study first.
My point is that today the "guru" sent an email about trading gold, specifically gold ETFs. How ironic. "timing is right" and all that stuff.
Any market condition is easy enough to spot if what you are trading slows down to a point where it may be prudent to start looking elsewhere. A good direction is usually to see what gold is doing then spread out to the other sectors, financials, transport, resources, etc. Just find a stock that is moving with the idex, roughly, then either play it long and short or pick the corresponding bear ETF to play the downside.
This particular case is a slow tight market all around. Why is not important. Just keep flexible.
Jeff.
Questrade, My direct access discount broker.
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