Morning Ideas January 5, 2020
Yesterday was a big day where we got some flush-out of buyers.
Like I said yesterday, now that its a new year and we've burned off a lot of the 'fuel' to move higher, the market seemed ripe to sell. However, we wont start selling until we start to see acceptance lower.
I gave today a neutral rating even-though I expect it to be volatile, simply because I think its a toss up.
Key levels are 3690-3700 above and 3650 below.
If the market breaks below 3650 I would be very cautious of initiating new longs.
Like I said yesterday, now that its a new year and we've burned off a lot of the 'fuel' to move higher, the market seemed ripe to sell. However, we wont start selling until we start to see acceptance lower.
I gave today a neutral rating even-though I expect it to be volatile, simply because I think its a toss up.
Key levels are 3690-3700 above and 3650 below.
If the market breaks below 3650 I would be very cautious of initiating new longs.
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