{"id":9145,"date":"2011-01-07T08:40:04","date_gmt":"2011-01-07T13:40:04","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=9145"},"modified":"2011-01-07T08:40:15","modified_gmt":"2011-01-07T13:40:15","slug":"morning-thoughts-17-2","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-17-2","title":{"rendered":"Morning thoughts 1\/7"},"content":{"rendered":"<p>Good morning and happy Friday, traders!<\/p>\n<p>Volatility has returned after the holidays, but in a muted, non-directional context.\u00a0 This is a little unusual as the market often would have made a strong trend move (over the course of several days) by this point after the holiday.\u00a0 This week, we have had a series of economic numbers that could potentially have provided a catalyst to move the market, but even these fell flat.\u00a0 For daytraders, the key to this environment is probably 1) realize that we are certainly primed for a directional, trend move, but 2) do not try to anticipate.\u00a0 Assume we will stay locked in these tight ranges with no broad market followthrough, but be prepared to be mentally agile and switch modes if this changes.<\/p>\n<p>In terms of sectors, we have had a mixed bag this week.\u00a0 The leaders (Energy and Materials) have come in a bit, while Financials and Tech have shown relative strength.\u00a0 This is perfectly normal and is typical rotation in a consolidation area like this.<\/p>\n<p>Even with as little action as there has been in the broad market, there have been some great plays in individual stocks.\u00a0 It is important to find stocks that are truly in play, and to be even more sensitive than usual to signs of intraday trends ending or reversing.<\/p>\n<p>Watch EURUSD ($FXE) for possible followthrough today.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/01\/1-7-2011-8-35-48-AM.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9147\" title=\"1-7-2011 8-35-48 AM\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/01\/1-7-2011-8-35-48-AM.jpg\" alt=\"\" width=\"552\" height=\"397\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/01\/1-7-2011-8-35-48-AM.jpg 552w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/01\/1-7-2011-8-35-48-AM-300x215.jpg 300w\" sizes=\"auto, (max-width: 552px) 100vw, 552px\" \/><\/a><\/p>\n<p>Gold (chart of daily futures above) have come off this week, with some good moves in some metals stocks intraday.\u00a0 Note that, longer-term, this is probably not constructive for swing longs, but, in the short-term, this market has come into a large and potentially complicated support area.\u00a0 Continue to watch this intraday and have a handful of &#8220;go-to&#8221; miners to pull up if the opportunity arises.<\/p>\n<p>1266 is probably the line in the sand for the SP futures, with perhaps 10 points of room below that and upside to this week&#8217;s high, based on early reaction to the 8:30 number.<\/p>\n<p><a href=\"http:\/\/www.twitter.com\/AdamG_SMB\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"Follow AdamG_SMB on Twitter\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning and happy Friday, traders! Volatility has returned after the holidays, but in a muted, non-directional context.\u00a0 This is a little unusual as the market often would have made a strong trend move (over the course of several days) by this point after the holiday.\u00a0 This week, we have had a series of economic numbers that could potentially have &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-17-2\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":388,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[943,1],"tags":[],"class_list":["post-9145","post","type-post","status-publish","format-standard","hentry","category-adam-grimess-blogs","category-general-comments-2","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Morning thoughts 1\/7 | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-17-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning thoughts 1\/7 | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Good morning and happy Friday, traders! Volatility has returned after the holidays, but in a muted, non-directional context.\u00a0 This is a little unusual as the market often would have made a strong trend move (over the course of several days) by this point after the holiday.\u00a0 This week, we have had a series of economic numbers that could potentially have ... 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Volatility has returned after the holidays, but in a muted, non-directional context.\u00a0 This is a little unusual as the market often would have made a strong trend move (over the course of several days) by this point after the holiday.\u00a0 This week, we have had a series of economic numbers that could potentially have ... 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