The Local's Take: Mid-Day Commentary

Good Morning Traders and Investors,

We had a very nice turnout last evening for the monthly get together of the PC TIC.

We saw some very interesting plays in SPX, the dollar and thus USO. What a nice range it has found - it seems to be in the middle right now, so a pretty tough play.




As far as our socially responsible stock play for the day - Whole Foods - WFMI has made a very nice run. It is sitting at the 61.8% retracement which gives it a 25% move to the upside over the past few weeks. As the PC TIC concluded, it should be an up week, so I am a little weary of getting in right now, but nonetheless, think it is a good area.


Getting into American Express (AXP) for my good friend Dr. G, we see that it has a double bottom and is peaking through the neckline. I think a good shorting opportunity is closer to 41.00 as we get between the 50 and 61.8 percent retracements:


Getting into the forex markets, it was a fantastic day with 3 of 3 trades hitting:

The trade above was entered at the same time as the trade below:

I closed down my trading platform and but kept open the charts and entered a small trade later in the day as the equity markets made new highs:

Not bad when you aren't expecting much movement/volatility.

I am off to Deer Valley for the next 2 days so I will see you Friday as I have a bunch of friends of friends to meet up with. Temps are in the 40's and if it weren't for a Locals Have More Fun meeting and soccer practice tonight, it would be a great day for a run outside. Snow is in the forecast, but the warm temps aren't giving me much hope for the regular light and fluffy Utah kind powder.

Have a great trading day week and Be Environmentally Cool