AI
Sunday, May 01, 2005 3:20:31 PM
~:~:~Market Trend Update for the Week Ahead~:~:~
Overview:
It’s that time once again to review the past week and look into the next. As mentioned in the previous update with which this post replies; The range bound levels I am looking at going into next week +/-10 pts are COMP 1900-1970, SPX 1125-1160 and DJIA 10000-10350. We tested the lower ranges this past week with the COMP leading the way and breaking below the 1900 level to 1890 before recovering. The SPX found support at 1140 and the DJIA at 10050. The R2K is following the COMP’s lead and there appears to be a slight divergence between the DJIA and DJTA -- NYSE with both the transports and NY Exchange forming a small H&S or quite possibly a double bottom while the DJIA has yet to follow. As for CoT data, open interest is starting to climb, but equity fund data recorded negative net cash outflows for the first time since January of this year along with $13 Bln in Money Market outflows. Also of note, the Nasdaq recorded 3 straight days of over 200 new Lows with an average of ~10:1 new Lows to new Highs. I would say there was one hell of a prop in effect… Gold is still holding its own near $435 and somewhat surprising with the U$D moving back up above 84 and Oil printing sub $50bbl for the first time in 2 months. What a difference a week makes whereas Oil looked poised to test all-time highs of $58bbl, but a Saudi visit and some jaw boning seem to have worked there magic on black gold. The 30yrs T-Bond has been in a nice up trend tipping 114 and looking to test the highs of 117 with 30yrs Yields doing a mirror image move down to 45 and poised to test 43.50…
Economic #’s:
We received slightly mixed readings on the economy (as usual) with the majority of indicators showing very disappointing results...
Existing Homes Sales rose 1.0% to 6.89 Mln, the 3rd highest level on record and beating estimates of 6.80 Mln and higher than the previously reported 6.82 Mln.
New Homes Sales rose 12.1% to 1.431 Mln at a record rate beating estimates of 1.190 Mln and higher than the previously reported 1.275 Mln. The median number of months those homes have been for sale fell to 3.6 months in March, the lowest since August 2003, from 4.3.
MBA Mortgage Applications rose 5.9% on a seasonally adjusted basis in the week ended April 22 compared to the prior week. Applications for mortgages to purchase homes increased 3.3% on a week-to-week basis, while Refi’s jumped 9.8%. Compared to this time last year, however, refinancing activity is down 14.6%, although accounting for 39.3% of total applications, up from the prior week's 38.0%, while adjustable-rate mortgages slipped to 34.7% from 35.4%. Rates on 30- and 15-year fixed-rate mortgages stood last week at 5.75% and 5.33%, respectively, down from 5.83% and 5.40% in the previous week and 1-year ARMs saw their rates average 4.15% last week, down from 4.22% a week earlier.
ICSC-UBS Weekly Chain Store Sales fell 0.3% in the week ended April 23, compared with a 1.0% increase the previous week. Compared with the same week a year ago, sales held essentially steady at 4.0 after a 3.9% rise the preceding week.
Johnson Redbook Sales fell by 3.8% in the 3rd week of April while sales for major retailers increased 1.5% on a YoY basis for the week ending April 23rd.
Durable Orders fell 2.8%, the biggest drop since September 2002 as orders for aircraft fell sharply. Even excluding aircraft, items expected to last 3 years or more fell by 1.0%. A rise of 0.3% had been expected, 0.5% overall excluding transportation.
GDP came in at 3.1%, the lowest growth rate in 2 yrs. Expectations had been for 3.5% and well below the previously reported 3.8%.
Chain Deflator which is a component of GDP climbed to 3.2% following the previously reported 2.3% gain. Business spending on software and equipment rose at the slowest pace in 2 years.
Initial Jobless Claims rose 21K to 320K The increase in claims in the latest week comes after a sharp drop in the previous week, when claims plunged 33K to 299K. The insured unemployment rate fell to 2.0% in the week ending April 16th from 2.1% in the previous week. This is the lowest level in 4 years. The number of people receiving weekly benefit checks fell by 76K to 2.56 Mln in the week ending April 16th , this is also the lowest level since March 19.
Help Wanted Index slid by 2pts to 39 from a previously reported and expected 37 and the highest level in a year.
Employment Cost Index increased 0.7% in the 1st Qtr after a 0.8% gain in the 4th Qtr. The increase in the employment cost index was the smallest increase since the 1st Qtr of 1999 and was below market expectations of a 1.0% increase. Benefit costs rose 1.2% in the Qtr, the smallest increase since the 1st Qtr of 2002, while wages and salaries rose 0.6%
Personal Income & Spending both rose in March with Incomes up 0.5% and Spending up 0.6%, expectations were for both to rise 0.4%. The March personal savings rate fell to 0.4%, the lowest level since October 2001.
PCE (Personal Consumption Expenditure) rose 0.5% in March, but excluding food and energy costs the index rose 0.3%. This matched expectations while topping its 0.2% previously reported. Year over year, the price index for personal consumption was up 2.4% vs. 2.2% in February.
Consumer Confidence dropped to 97.7 or a 5 month low from the previously reported 103 marking the 3rd straight month of declines. Consumer's longer-term outlook fell as well. The expectations index dropped to 87.2, the lowest since July 2003, from 93.7. The present situation index dropped to 113.6 from 117.
Michigan Sentiment came in at 87.7 in late April from 88.7 earlier in the month. Expectations had been for the index to remain flat at 88.7. The index is below the 92.6 level of March. The index has fallen 4 months in a row. The current conditions index rose to 104.4 from 103.9 in early April. The index was 108 in March. The expectations index fell to 77.0 from 79 earlier in the month. The expectations index was 82.8 in March
Chicago PMI fell to 65.6% from 69.2% in March. Expectations had been for the index to fall to 62.3%. The new orders index fell to 71% from 76.7%, while the prices paid index fell to 66.1% from 68.2%
Oil Inventories as reported by the DoE (Dept of Energy) and API (American Petroleum Institute). Crude according to DoE rose 5.5 Mln bbls, but according to API rose 4.7 Mln bbls. Gasoline according to DoE fell 300K bbls, but according to API fell 1.1 Mln bbls. Distillates according to DoE fell 1.4 Mln bbls, but according to API rose 2.9 Mln bbls.
WLI (Weekly Leading Index slipped to 134.8 in the week ended April 22 from a downwardly revised 135.2 in the prior week. The index's annualized growth rate, which smoothes out weekly fluctuations, edged down to 3.2% from 3.4% the week before.
Next week we will get Construction Spending, Factory Orders, Auto/Truck Sales, FOMC meeting, ISM/ISM Services, Initial Claims, Productivity, Average Workweek, Hourly Earnings, Nonfarm Payrolls, Unemployment Rate and Consumer Credit.
The markets these days are living day-to-day and minute-by-minute, the best way to describe it would be schizophrenic. There has been a lot of 2nd guessing made on baseless claims and speculation. Anything goes and like ducklings falling in line to follow their mother, so do the masses. The way I see it, analysts, talking heads and the like have most everyone doing a rendition of the game “Twister”. It is quite amusing if you are sitting on the sidelines or have longer term aspirations. What is one to do in a market like we have today? Turn off the noise, that’s what. It is all a bunch of static, NOTHING has changed. Do not let the media or anyone else reprogram you into believing it is different this time. It isn’t… For instance, one day we will hear how the Fed may change their stance based on any one days data or events, the next day is a different story based on another set of data points or events. The bottom line is you know what the Fed is going to do, they are going to raise rates! With rates still being way too low and some semblance of equilibrium needing to be restored, rates will continue to rise indefinitely for more reasons than I care to mention. They must go up and they will, whether it is ¼ pts or ½ pts rises is of no consequence. It is the fact that they will continue to go up is all you need to know. Oil, oil, oil… Ever heard the one about the boy who cried wolf? I give you crude oil. While peak oil is for real, it is not a problem we need to contend with for decades. Of course the sooner we move away from fossil fuels, the better, but we’ll save that for another discussion. I have contended for some time now that there is plenty of oil and that refining capacity is the real issue. Low and behold the Saudi Prince visits Crawford, TX and publicly states that oil supply is not the issue. It only took 2 years for the markets to finally realize it. I even heard the “G” word used this week. We went from under supply to a glut in one day. The talking heads and market players do not really “get it” though. If you can’t bring oil to the markets it has the same effect as if there were an oil shortage. Increasing output by 5Mln bbls a day won’t help and neither would oil priced at $10bbl. A bottleneck has the same effect as a shortage and regardless of what happens, you and I will still pay out the nose at the pump. Then there’s the issue of $375 an Oz. Gold or so it has been said that this is where the price is going. I would like to know on what basis this prognostication was made and by whom. Granted, manipulation exists, but where in the markets does it not? I am still waiting and actually would like to see $375 or lower so I can load the truck, but I won’t be holding my breath. Gold is in a strong position and will continue its bull run unless deflation should take hold. Not to be forgotten is the new case for U$D strength based China revaluing the Yuan. Nobody will be pushing China into doing anything, they will do as they see fit for them, not us. If they do drop the peg, inflation will soar in the USA. Then we have countries holding extraordinary amounts of US debt and while they may not be net sellers, I doubt they will be buying either. Most likely they will diversify assets into a basket of other currencies and bonds. Throw in deficits, trade imbalances and a plethora of other disturbing financial realities that we know exists and this spells trouble for the U$D. Unfortunate but true, so be prepared. The CRB is another of those coming under attack lately. I have seen the CRB in correlation to Gold, the U$D, the DJIA and who knows what else. These ratios do not really matter though, commodities and natural resources are and will remain in high demand. Much like oil, they are being used up quicker than they can be produced. The voracious appetite for these items cannot be printed away. These are just some of the glaring examples of what is taking place. What I am getting at here is the story we have come to know has NOT changed and most likely will not change any time soon. The real story remains the same and the noise you hear are those looking to fulfill their own agendas by filling your head with recycled hyperbole.
What can we expect now?:
I expect this week to continue with the same range bound volatility that we have come to know and love. Being as we are near the bottom of these ranges that I outlined earlier, I believe we may see some movement towards the top of the ranges. So far COMP 1970 hasn’t been tested with 1962 being the number to beat. On the SPX 1163 has stifled the index and the DJIA upper range of 10350 has yet to be tested with 10290 being the number to beat. If these numbers are exceeded I expect them to remain within the ranges of +/-10 pts for COMP 1900-1970, SPX 1125-1170 (edit from 1160) and DJIA 10000-10350. While we could just as easily go into a further decline from here, that would be too easy. Program trades and PPT are propping this thing big time at the crucial levels of COMP 1900, SPX 1140 and DJIA 10000. With Nonfarm Payrolls being the biggie this week, I believe we lollygag around for most of the week. After this number is released, it may create the catalyst to justify a move below these lines in the sand. We will just have to wait and see…
On a technical note, Bullish Advisors are at 44.0% with Bearish Advisors at 29.7% and slowly but surely sentiment is changing. The VIX/VXN trends are still moving together with both putting up bullish flag like chart patterns. A new range appears to be getting established whereas VIX was stuck between 11-14, now in the 14-18 range. VXN 14-18 is now in the 18-22 range. CBOE Equity P/C Ratio is at .738 with a 21DMA of .695. When looking at an EPC chart one can see that this too has been range bound for a better part of the year with ~.500 to .800 being the range on a print basis. The RSI 5-Days and RSI 5-Wks are Neutral across the board with the exception of of the RSI 5-Wks on the COMP being Oversold. The $NASI Daily (Summation), The $NAMO Daily (McClellan), The $NAHL Daily (Highs/Lows), The $NAAD Daily (Advance/Decline) are all in downward trends where the 50DMA has clearly crossed under the 200DMA for all the indicators including BP%’s for NDX and the COMP, although SPX and NYA are not quite there yet. Another interesting crossover to watch is that on the VIX and VXN indicators as the 50DMA is now moving up towards the 200DMA. One last note is the 50/200DMA on the Equity and Total P/C ratios where the 50DMA on the Total P/C crossed the 200DMA some time ago, but the 50DMA is just crossing the 200DMA on the Equity P/C.
Charts for all of these indicators are posted below for your viewing pleasure plus an annotated chart of the COMP. I will be posting some charts of Gold and Oil a little later on the Your Economy board, some interesting stuff to share…
NOTE:
I continue to hold a USPIX position which I will flip long when the time is right.
CORE:
Funds; HSGFX, PCRDX, PRPFX, QRAAX, RSNRX ,TAVIX. Individual Stocks; ANO, BHP, SWWC
SWING: GSS, NXG – Added BGO this week
Disclaimer:
This disclosure is not a recommendation to buy or sell or to do as I do. It is only to give my thoughts on current market conditions and share the positions that I am holding for tracking purposes only. I am not a day trader and only attempt to identify up/down trends and play the swings.
Overview:
It’s that time once again to review the past week and look into the next. As mentioned in the previous update with which this post replies; The range bound levels I am looking at going into next week +/-10 pts are COMP 1900-1970, SPX 1125-1160 and DJIA 10000-10350. We tested the lower ranges this past week with the COMP leading the way and breaking below the 1900 level to 1890 before recovering. The SPX found support at 1140 and the DJIA at 10050. The R2K is following the COMP’s lead and there appears to be a slight divergence between the DJIA and DJTA -- NYSE with both the transports and NY Exchange forming a small H&S or quite possibly a double bottom while the DJIA has yet to follow. As for CoT data, open interest is starting to climb, but equity fund data recorded negative net cash outflows for the first time since January of this year along with $13 Bln in Money Market outflows. Also of note, the Nasdaq recorded 3 straight days of over 200 new Lows with an average of ~10:1 new Lows to new Highs. I would say there was one hell of a prop in effect… Gold is still holding its own near $435 and somewhat surprising with the U$D moving back up above 84 and Oil printing sub $50bbl for the first time in 2 months. What a difference a week makes whereas Oil looked poised to test all-time highs of $58bbl, but a Saudi visit and some jaw boning seem to have worked there magic on black gold. The 30yrs T-Bond has been in a nice up trend tipping 114 and looking to test the highs of 117 with 30yrs Yields doing a mirror image move down to 45 and poised to test 43.50…
Economic #’s:
We received slightly mixed readings on the economy (as usual) with the majority of indicators showing very disappointing results...
Existing Homes Sales rose 1.0% to 6.89 Mln, the 3rd highest level on record and beating estimates of 6.80 Mln and higher than the previously reported 6.82 Mln.
New Homes Sales rose 12.1% to 1.431 Mln at a record rate beating estimates of 1.190 Mln and higher than the previously reported 1.275 Mln. The median number of months those homes have been for sale fell to 3.6 months in March, the lowest since August 2003, from 4.3.
MBA Mortgage Applications rose 5.9% on a seasonally adjusted basis in the week ended April 22 compared to the prior week. Applications for mortgages to purchase homes increased 3.3% on a week-to-week basis, while Refi’s jumped 9.8%. Compared to this time last year, however, refinancing activity is down 14.6%, although accounting for 39.3% of total applications, up from the prior week's 38.0%, while adjustable-rate mortgages slipped to 34.7% from 35.4%. Rates on 30- and 15-year fixed-rate mortgages stood last week at 5.75% and 5.33%, respectively, down from 5.83% and 5.40% in the previous week and 1-year ARMs saw their rates average 4.15% last week, down from 4.22% a week earlier.
ICSC-UBS Weekly Chain Store Sales fell 0.3% in the week ended April 23, compared with a 1.0% increase the previous week. Compared with the same week a year ago, sales held essentially steady at 4.0 after a 3.9% rise the preceding week.
Johnson Redbook Sales fell by 3.8% in the 3rd week of April while sales for major retailers increased 1.5% on a YoY basis for the week ending April 23rd.
Durable Orders fell 2.8%, the biggest drop since September 2002 as orders for aircraft fell sharply. Even excluding aircraft, items expected to last 3 years or more fell by 1.0%. A rise of 0.3% had been expected, 0.5% overall excluding transportation.
GDP came in at 3.1%, the lowest growth rate in 2 yrs. Expectations had been for 3.5% and well below the previously reported 3.8%.
Chain Deflator which is a component of GDP climbed to 3.2% following the previously reported 2.3% gain. Business spending on software and equipment rose at the slowest pace in 2 years.
Initial Jobless Claims rose 21K to 320K The increase in claims in the latest week comes after a sharp drop in the previous week, when claims plunged 33K to 299K. The insured unemployment rate fell to 2.0% in the week ending April 16th from 2.1% in the previous week. This is the lowest level in 4 years. The number of people receiving weekly benefit checks fell by 76K to 2.56 Mln in the week ending April 16th , this is also the lowest level since March 19.
Help Wanted Index slid by 2pts to 39 from a previously reported and expected 37 and the highest level in a year.
Employment Cost Index increased 0.7% in the 1st Qtr after a 0.8% gain in the 4th Qtr. The increase in the employment cost index was the smallest increase since the 1st Qtr of 1999 and was below market expectations of a 1.0% increase. Benefit costs rose 1.2% in the Qtr, the smallest increase since the 1st Qtr of 2002, while wages and salaries rose 0.6%
Personal Income & Spending both rose in March with Incomes up 0.5% and Spending up 0.6%, expectations were for both to rise 0.4%. The March personal savings rate fell to 0.4%, the lowest level since October 2001.
PCE (Personal Consumption Expenditure) rose 0.5% in March, but excluding food and energy costs the index rose 0.3%. This matched expectations while topping its 0.2% previously reported. Year over year, the price index for personal consumption was up 2.4% vs. 2.2% in February.
Consumer Confidence dropped to 97.7 or a 5 month low from the previously reported 103 marking the 3rd straight month of declines. Consumer's longer-term outlook fell as well. The expectations index dropped to 87.2, the lowest since July 2003, from 93.7. The present situation index dropped to 113.6 from 117.
Michigan Sentiment came in at 87.7 in late April from 88.7 earlier in the month. Expectations had been for the index to remain flat at 88.7. The index is below the 92.6 level of March. The index has fallen 4 months in a row. The current conditions index rose to 104.4 from 103.9 in early April. The index was 108 in March. The expectations index fell to 77.0 from 79 earlier in the month. The expectations index was 82.8 in March
Chicago PMI fell to 65.6% from 69.2% in March. Expectations had been for the index to fall to 62.3%. The new orders index fell to 71% from 76.7%, while the prices paid index fell to 66.1% from 68.2%
Oil Inventories as reported by the DoE (Dept of Energy) and API (American Petroleum Institute). Crude according to DoE rose 5.5 Mln bbls, but according to API rose 4.7 Mln bbls. Gasoline according to DoE fell 300K bbls, but according to API fell 1.1 Mln bbls. Distillates according to DoE fell 1.4 Mln bbls, but according to API rose 2.9 Mln bbls.
WLI (Weekly Leading Index slipped to 134.8 in the week ended April 22 from a downwardly revised 135.2 in the prior week. The index's annualized growth rate, which smoothes out weekly fluctuations, edged down to 3.2% from 3.4% the week before.
Next week we will get Construction Spending, Factory Orders, Auto/Truck Sales, FOMC meeting, ISM/ISM Services, Initial Claims, Productivity, Average Workweek, Hourly Earnings, Nonfarm Payrolls, Unemployment Rate and Consumer Credit.
The markets these days are living day-to-day and minute-by-minute, the best way to describe it would be schizophrenic. There has been a lot of 2nd guessing made on baseless claims and speculation. Anything goes and like ducklings falling in line to follow their mother, so do the masses. The way I see it, analysts, talking heads and the like have most everyone doing a rendition of the game “Twister”. It is quite amusing if you are sitting on the sidelines or have longer term aspirations. What is one to do in a market like we have today? Turn off the noise, that’s what. It is all a bunch of static, NOTHING has changed. Do not let the media or anyone else reprogram you into believing it is different this time. It isn’t… For instance, one day we will hear how the Fed may change their stance based on any one days data or events, the next day is a different story based on another set of data points or events. The bottom line is you know what the Fed is going to do, they are going to raise rates! With rates still being way too low and some semblance of equilibrium needing to be restored, rates will continue to rise indefinitely for more reasons than I care to mention. They must go up and they will, whether it is ¼ pts or ½ pts rises is of no consequence. It is the fact that they will continue to go up is all you need to know. Oil, oil, oil… Ever heard the one about the boy who cried wolf? I give you crude oil. While peak oil is for real, it is not a problem we need to contend with for decades. Of course the sooner we move away from fossil fuels, the better, but we’ll save that for another discussion. I have contended for some time now that there is plenty of oil and that refining capacity is the real issue. Low and behold the Saudi Prince visits Crawford, TX and publicly states that oil supply is not the issue. It only took 2 years for the markets to finally realize it. I even heard the “G” word used this week. We went from under supply to a glut in one day. The talking heads and market players do not really “get it” though. If you can’t bring oil to the markets it has the same effect as if there were an oil shortage. Increasing output by 5Mln bbls a day won’t help and neither would oil priced at $10bbl. A bottleneck has the same effect as a shortage and regardless of what happens, you and I will still pay out the nose at the pump. Then there’s the issue of $375 an Oz. Gold or so it has been said that this is where the price is going. I would like to know on what basis this prognostication was made and by whom. Granted, manipulation exists, but where in the markets does it not? I am still waiting and actually would like to see $375 or lower so I can load the truck, but I won’t be holding my breath. Gold is in a strong position and will continue its bull run unless deflation should take hold. Not to be forgotten is the new case for U$D strength based China revaluing the Yuan. Nobody will be pushing China into doing anything, they will do as they see fit for them, not us. If they do drop the peg, inflation will soar in the USA. Then we have countries holding extraordinary amounts of US debt and while they may not be net sellers, I doubt they will be buying either. Most likely they will diversify assets into a basket of other currencies and bonds. Throw in deficits, trade imbalances and a plethora of other disturbing financial realities that we know exists and this spells trouble for the U$D. Unfortunate but true, so be prepared. The CRB is another of those coming under attack lately. I have seen the CRB in correlation to Gold, the U$D, the DJIA and who knows what else. These ratios do not really matter though, commodities and natural resources are and will remain in high demand. Much like oil, they are being used up quicker than they can be produced. The voracious appetite for these items cannot be printed away. These are just some of the glaring examples of what is taking place. What I am getting at here is the story we have come to know has NOT changed and most likely will not change any time soon. The real story remains the same and the noise you hear are those looking to fulfill their own agendas by filling your head with recycled hyperbole.
What can we expect now?:
I expect this week to continue with the same range bound volatility that we have come to know and love. Being as we are near the bottom of these ranges that I outlined earlier, I believe we may see some movement towards the top of the ranges. So far COMP 1970 hasn’t been tested with 1962 being the number to beat. On the SPX 1163 has stifled the index and the DJIA upper range of 10350 has yet to be tested with 10290 being the number to beat. If these numbers are exceeded I expect them to remain within the ranges of +/-10 pts for COMP 1900-1970, SPX 1125-1170 (edit from 1160) and DJIA 10000-10350. While we could just as easily go into a further decline from here, that would be too easy. Program trades and PPT are propping this thing big time at the crucial levels of COMP 1900, SPX 1140 and DJIA 10000. With Nonfarm Payrolls being the biggie this week, I believe we lollygag around for most of the week. After this number is released, it may create the catalyst to justify a move below these lines in the sand. We will just have to wait and see…
On a technical note, Bullish Advisors are at 44.0% with Bearish Advisors at 29.7% and slowly but surely sentiment is changing. The VIX/VXN trends are still moving together with both putting up bullish flag like chart patterns. A new range appears to be getting established whereas VIX was stuck between 11-14, now in the 14-18 range. VXN 14-18 is now in the 18-22 range. CBOE Equity P/C Ratio is at .738 with a 21DMA of .695. When looking at an EPC chart one can see that this too has been range bound for a better part of the year with ~.500 to .800 being the range on a print basis. The RSI 5-Days and RSI 5-Wks are Neutral across the board with the exception of of the RSI 5-Wks on the COMP being Oversold. The $NASI Daily (Summation), The $NAMO Daily (McClellan), The $NAHL Daily (Highs/Lows), The $NAAD Daily (Advance/Decline) are all in downward trends where the 50DMA has clearly crossed under the 200DMA for all the indicators including BP%’s for NDX and the COMP, although SPX and NYA are not quite there yet. Another interesting crossover to watch is that on the VIX and VXN indicators as the 50DMA is now moving up towards the 200DMA. One last note is the 50/200DMA on the Equity and Total P/C ratios where the 50DMA on the Total P/C crossed the 200DMA some time ago, but the 50DMA is just crossing the 200DMA on the Equity P/C.
Charts for all of these indicators are posted below for your viewing pleasure plus an annotated chart of the COMP. I will be posting some charts of Gold and Oil a little later on the Your Economy board, some interesting stuff to share…
NOTE:
I continue to hold a USPIX position which I will flip long when the time is right.
CORE:
Funds; HSGFX, PCRDX, PRPFX, QRAAX, RSNRX ,TAVIX. Individual Stocks; ANO, BHP, SWWC
SWING: GSS, NXG – Added BGO this week
Disclaimer:
This disclosure is not a recommendation to buy or sell or to do as I do. It is only to give my thoughts on current market conditions and share the positions that I am holding for tracking purposes only. I am not a day trader and only attempt to identify up/down trends and play the swings.
**Happy Trading**
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