Alert - Important update on market and oil…
Markets are trading lower on concern of fall in oil prices and uncertainty over Kim Jong health. Also, commodities are trading under threat of demand and pill-up of supply. At this stage uncertainty is growing but our view about market is not that negative. Here are few points:
Wednesday New Moon will dominate market, currencies and commodities, and it could bring huge volatility in commodity market. Also new Moon some time plays very volatile role for market and geo situations as well.
I have received tones of email regarding future of energy market and my answer is very simple.
Answer: Any future contracts like June or July if you are buying then must put stop loss at $18.81 level. My view still is negative for energy market, and if you really like to buy then buy at $12.15 level June contract with strict stop-loss $11.43. Today June contract test $11.89.
Now June contract must close above $18.81 for the three days which may bring some stability in market. July contract must hold $18.81 and we believe that may happen. Buy some July call options if prices move toward lower sides. I have been not recommending trading positions in energy, if you want trade then to trade with strict stop-loss.
Avoid any buying in metals, if you like to buy gold then sell all other metals like silver, palladium, copper etc. Palladium could collapse more than $1000 soon.
Avoid grains and softs, but soon grains and softs will bottom out with in the next two weeks.
Currencies will trade negative so stay short. Emerging market currencies looks great bet but wait for few days.
I am expecting good outcome from NFLX earning, may move minimum $50.00 higher. S&P has important astro support at 2741 and 2721, I don’t see S&P closing below these level for three days. If market doesn’t close positive tomorrow, then expect 2881 to 2900 level or higher by Friday. Today I am expect to hold lower side level. Still health care Pharm looks great bet. Hold long in our recommended biotech and healthcare stocks.
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