EOM “Trading Tuesday” 8.2.16 UWTI Daily

Good Evening,

Today is day fourteen of sideways trading-data from Stockcharts.com.  Once again,  we see the pattern where selling hits then buying comes in.  It looks like the Transports ran out of gas, closing down over 2%.

 

My Front and Center Chart shows the SPX recovered enough to stay within the “sideways action” zone.  The VIX closed a little above resistance; the CMF is dropping, and the MACD Histogram dropped further into negative territory. The RSI and Slow Stochastics dropped hard.

 

Be careful, this could be nothing more than a Bear trap.  Don’t be a hero and jump into

Bear suits just yet.  We have proven systems to let us know when to begin-we are not

there yet.

 

With July’s Employment release on Friday AM, we MAY know by the end of the week which way this market is headed.

 

Here’s an interesting take on why JPM joined Goldman Sachs in calling a market top.

 

Today is “Trading Tuesday” and I answer your questions on trading a member favorite UWTI.  Here is their profile from Yahoo Finance.

 

Key Points on UWTI….

  1. Is trading with a .98 correlation with $WTIC
  2. Check out points A-B-C to see the 3X performance in relation to $WTIC
  3. It appears the Slow Stochastics is giving quality confirmation signals
  4. The next support levels are highlighted..$14.50 and $13.20
  5. Today UWTI closed at $16.24, under previous Support at $16.81

 

I see potential TRADING UWTI using the Simple Simon for Buy Signals,

accompanied with tight trailing stops.

 

With the Global glut of Crude, I do not see a huge rally with Crude anytime soon.

 

Tomorrow, I begin analysis on one of the new groups in the Playbook 2016/17.

 

Enjoy your evening!

 

DOE

When your Vision and Goals are Clear-Results will Appear!

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It shall in no event be construed or interpreted as an offer or recommendation to buy or sell securities of any kind.

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Comments from David England:

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