We have had a musical weekend at Desert Trip. Bob Dylan still mumbles, The Rolling Bones are still strutting, Neil Young still sings anti war songs and my favorite, Paul McCartney continues to rock.
It was a trip.
I have never seen more people in one place. I think we were 1/2 mile from the stage and the sound was excellent. Big screens to watch. Great food options and short lines at the bar. Very organized. It was a memorable experience with our friends of 35 years.
We Ubered three times. Get this…we live pretty close to The Polo Grounds where they performed but with traffic it was a 15 minute drive. Uber cost was less than a minature glass of wine…under $10…amazing.
Not going tonight…too tired. I need to re-charge my batteries for Stocktoberfest which begins Thursday at Hotel Del Coronado in San Diego. Message me if any of you are planning on attending.
Stocktoberfest is a gathering of investment professionals that are dedicated to disrupting the way that we receive financial advice and improving the quality of financial advice. Can’t wait.
Let’s jump into the charts.
S&P 500 Index ETF (SPY) daily
The S&P500 continues to be range bound. As I mentioned a couple of weeks ago I expect this to continue until the election.
SPDR Gold Trust (GLD) daily
Gold ETF broke down last week and traded through support which is now resistance; the orange line at 120.51. Our next target is near the blue horizontal line. This trade will be closed prior to the election. It’s looking good so far.
Brazil Index ETF (EWZ) daily
Brazil index ETF short sell has broken above resistance. It has a tendency to do this before getting slammed down so I’m not overly concerned. However, if price continues higher we will be closing this trade for a small loss. Remember, it’s wise to keep your losses small. Losses will happen. It’s part of the game. Keep them small.
SPDR Energy ETF (XLE) daily
Energy sector ETF is trying to break above resistance. Continue to hold.
Jazz Pharmacueticals (JAZZ) daily
Be patient. Continue to hold.
On another note, I am in the process of charting about 300 ETF’s and 2000 individual equities. I will be automatically notified when my critical price points are tagged. This will result in more trade opportunities.
I will dedicate a web site page for this information so you can easily access the opportunities. On a personal note I went surfing in Hawaii in July. The last time I surfed was in Baja in 2005. I realized how out of shape I was…huge wake up call. I got back and started swimming laps on August 1st. I could barely do one lap; 100 meters. I’m now up to ten laps 5 days per week. My next goal is 1/2 mile per day…16 laps.
Trade Smart,
Don Roth