The market is no doubt in flux, and as a result leaves me pondering the near-term direction and my conclusion is ultimately that we are likely bound to see more of the same type of action of the past week or so, where we are range bound causing traders on both sides getting whipped out of their trades. I’ve gotten out of all my short positions after realizing I was likely a bit early to the party and will like wait for the market to bounce some more before getting heavy to the short side again.Currently, my only position is in Gold (GLD).
Once again the market is focused solely on the action taking place in Europe and nothing else and as Europe goes so does the US markets. As a result equities are looking at getting off to a pretty healthy start to begin the day.
Here are Today’s Trade Setups…
LONG: B&G Foods (BGS)
SHORT: InterOil Corp (IOC)