Heading into the open, stocks are looking to take a breather as they are a bit off of yesterday’s close. However, it is not news-driven, and don’t be surprised if the bulls jump on this early on and try to buy-the-dip.
We have a number of reports coming out this morning starting with Housing Starts and Producer Price Index at 8:30am EST, followed by Industrial Production at 9:15am.
I remain only in a long position of gold (GLD) as I try to patiently wait for this market to run out of steam so I can start reloading on the short side again.
Here’s Today’s Trade Setups…
LONG: Gammon Gold (GRS)
SHORT: California Pizza Kitchen (CPKI)
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