Again, this week I waited a couple of days to write hoping for some directional clues in the market…
Nothing.
As I mentioned last week, price is stuck in a range and might stay there until the election. See SPY chart (below).
S&P 500 Index ETF (SPY) daily
If you remember we shorted GLD in July after price tagged resistance. Hopefully, you participated, because GLD made a big move today; down 3.47%.
This brings our profit from July to 5.5%.
SPDR Gold Trust (GLD) daily
Price is approaching support, the orange line. I will be monitoring price action around this area.
Trade Opportunity…
The following is not for the feint of heart…
Jazz Pharmaceuticals (JAZZ) weekly
You can see the correction from late 2015; about 38%. Price is re-tagging support after bouncing mid 2016. Risk is below the trend line support. Looks like a good risk/reward opportunity.
Continue to hold open positions.
Trade smart,
Don Roth