I'd expect to see some actions post labor day and we got a few typical correlation plays this morning, particularly the weakness of dollar and strength of commodities.
The dollar broke out to new lows, and made a perfect 38.2% retracement shortly after NY open. Equities rallied after a brief selloff. Shortly after 7am there are some good trades based on relative strength. Entire energy space is incredibly bullish. Nat gas coming off the lows of last week. HES was among good candidates. It broke out of a falling wedge pattern, albeit on low volume. However it sets up for a few intraday plays. Tape rolled over midday, but caught on a few trades on the long side. (I always hesitate to fade gaps)
HES intraday RS pullback trades
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment