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Tuesday, September 10, 2019

Market Update 9/10/2019 - It's All About Energy

In yesterday's update, it was "all about China". Today's it's energy.

Not seeing much movement in the broader market, but we've seen some big moves in Energy! The Zombie Banking Index ($BKX) was also up nicely, so this rally looks like a little sector rotation at best.  It's amazing to me that the broader market hardly moves, when oil and gas producers are up 4%, and even more amazing that folks would miss out on good trades, waiting for the $SPX to mover, so....

$OIL - We want to sell the top of the range on Oil as soon as this morning

Energy should follow.

$SOX also looks looks week, trading at lower highs. I like $SOXS because it's one of the more volatile triple ETFs. Not for the weak of heart. 

$DUST has been on a tear as gold miners tank. It  broke out above the $7 level yesterday, so that's the level to watch for support,. at my blue line.   

I think we could be looking at a massive market correction, but probably not until after the FED screws up again, and volume picks up; whichever comes first. 

$AAPL is the stock to watch - trading at a lower high, but pinned above support. Maybe stocks can hold up into OPEX?

I'll put the st $USO chart up at the open, but I'm going to be away most the morning. I'll try to check on stocks every couple hours, and maybe I'll have more time to baby sit this market, if storms roll in.

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