Gold, Oil & Tech - A Novel in the Making
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With the bulls and bears jostling for control of the market right now, there's an extremely interesting underlying story brewing that you may or may not be aware of, so we're going to have a technical look today at what I consider to be the "Big 3" in the market these days, gold, oil and tech. Since two of the three seem to be problematic for the economic landscape and tech is the growth driver, these three sectors of the market deserve some attention right now.
As I type, the major indexes are getting awfully excited trying to retrace and erase the losses from the last week or so. However, I wouldn't get overly exuberant here as one day does not a rally make. It's quite possible this market can turn on a dime again since we've got options expiration at the end of the week. Volatility is doing its best to catch traders on the wrong side of the options trade but it's important to note that all we've done on the hourly chart is rally to another potentially profitable short entry for the market to go lower.