Comments on: Market Analysis & Trade Ideas 5-12-21

By: rsotc

rsotc — Wed, 12 May 2021 16:29:28 +0000

In reply to becky. Yes, long-term outlook for commodities still bullish. Near-term we could get a decent pullback if the stock market gets a half-decent or better correction soon we could some forced margin-call selling that spills over into commodities.

By: rsotc

rsotc — Wed, 12 May 2021 16:22:24 +0000

In reply to yahoo. XBI typical (and expected, as per the first chart posted back on March 19th) reaction off the 122.43 price target (support) and trendline support. Updated chart posted below as well. Still favoring a move down to 108 after this bounce off the 122ish target runs its course.

By: becky

becky — Wed, 12 May 2021 16:18:24 +0000

So long term outlook for commodities is still bullish? You just anticipate the short term correction?

By: yahoo

yahoo — Wed, 12 May 2021 16:02:50 +0000

In reply to rsotc. Don't understand XBI (Biotech) is up today. I guess this is not a broad market sell-off. Anyone has any ideas?

By: rsotc

rsotc — Wed, 12 May 2021 15:55:49 +0000

Here’s a 120-minute chart (2-hr candles) of /ES showing today’s break of support (sell signal) and my minimum target zone (3971-3920).