Posted October 06, 2020
By Scott Stewart
Bullish Day Around the World!
Hey, folks. Welcome to todays Rude Awakening!
Looking like a fairly flat open today, lets get into all the market action
Tech Sectors Have A Solid Footing
Once again, the positive drivers today are the Monsters of Tech.
Apple, Microsoft, Amazon, Google, and Facebook. Its these 5 stocks that have driven the market up, and its these 5 that are going to need to maintain the market upside.
Both Apple and Microsoft remain strong above their 50day MA.
Amazon has Prime Day 2020 coming up this week, which is always an interesting time to purchase Amazon historical data tells us its usually a very strong stock during this week.
Google is just below the 50day MA, but in a slight consolidation trend, going sideways.
And Facebook is, again, right above the 50day MA.
The Advance/Decline line in three of these tech giants is decidedly positive, resulting in a big, fat, BULLISH candle yesterday.
Overall Markets In The Green
It was a positive day around the world! Yesterdays green candle is a strong indication that this market has found some solid footing.
But while the tech sector has driven us higher, the energy sector is lagging.
We either need these tech sectors to continue to trend up, or for a massive sector rotation to occur.
If something else in the marketplace occurs that causes money to flow out of tech, the market could still continue to trend up.
But as it stands there is not much strength in other sectors other than a few discretionary stocks.
The Fed will make an announcement later today, so well have to look and see how that might affect markets today and tomorrow.
High Profit Probability On Bullish Silver Trade
One of the more interesting plays continues to be on precious metals, silver in particular.
If you look at our analysis on silver in todays video, you can see we have a massive correction after a big run up.
As silver is just now starting on an upward trend, this stock is absolutely prime for a purchase opportunity.
However, what we want to avoid here is a binary trade.
A binary trade is when you simply push buy with a 50/50 shot of winning or losing your money.
Today, we are going to look at some ways we can trade silver in this market to the upside by using a bullish pattern recognition.
This allows us to trade with a very high probability of making money, even if silver doesnt go up.
To find out about an 84% probability of profit play on the silver ETF (SLV), click here to sign up for the free beta test of the Rude Awakening Pro.
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Thats it for today!
Well talk again tomorrow
Scott StewartEditor, Rude Awakening