Trading volatility dried up today, as the Nasdaq trades against it’s trendline resistance, and awaits the fed decision on rate cuts this Wednesday. A small push through that trendline won’t really mean much here, if it occurs before the fed announcement. The decision should create a significant enough move in the market to know whether a breakout is going to hold.
Agriculture stocks took a pounding today, reversing the bounce from Friday. I’m still more inclined to wait for stocks AGU, MON, MOS, and TRA to set up buy signals, rather than trying to short them.
Gold stocks are still struggling since spot gold touched $1000 and retreated. AEM is a top trader on my list. It’s found minor support here. I traded it this morning long using a 5-min chart, and higher high buy signal. The stock and the sector stalled at day’s high, and just couldn’t move higher later. I’ve got no bias on the sector’s direction here.
