Channel Guy Trader: Morning Market Analysis for 04/18/2011


Good morning Traders, Just like I noted on the Facebook Channel Guy Trader Page the /DX Dollar Futures has caught a nice bid since yesterday and has been putting pressure on commodities. Copper started bucking the trend a bit, but looks to have been just a technical bounce as she is near overnight lows again. Looks like Goldman gave everybody a heads up and that it was time to sell commodities because ever since they said that last week, commodities have been weak. I guess I can say I'm surprised they didn't say sell and next thing you see commodities shooting up because they usually trick the traders. In any case, I'm watching silver for maybe some quick trade puts and I like GS for continuation selling . Nothing much plan today so I may just sit flat. AEM calls may get sold right on the open depending what it does. Still sitting on good support so as long as she doesn't break down crazy then I will hold. She starts selling hard and I will cut the trade and move on to the next. Ive been 2/3 on my option trades thus far. Goal as you all know let winners run, cut losers quick, and throw your ego out the friggin window. I uploaded this chart of the /ES hourly also showing a possible inverse head and shoulders 2 in 1 setup. As you all know we called the first little one that you see last week based in our channels. Now we have another one that is larget than the small inverse we traded last week. Let see if this plays out if not you can see we may head back towards 1305- 1300 area. GL

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