Dollar Trend Reasserted – Short in Autos

Featuring Dave Floyd

Dave Floyd returns for the April market update from Aspen Trading and this time he has a couple of actionable short term plays to share. With the dollar trend reasserting itself, he expects a slight pull back in the dollar index before a move higher, completing the correction off December lows. On the stocks side, Dave is looking at GM as a potential short, on the back of the lowest auto sales in two years. Filmed on April 4, 2017.

Published on
6 April, 2017
Topic
Technical Analysis, Trading, US Dollar
Duration
20 minutes
Asset class
Currencies, Equities
Rating
30

Comments

  • DF

    Dave F.

    2 5 2017 22:10

    0       0

    Nice break lower in GM today. The forecast $35-$37 resistance zone capped the correction and set in motion the current move lower. Long a Bear Put Spread

  • DF

    Dave F.

    2 5 2017 15:18

    0       0

    Filming the 'May Analysis Video' in the next hour or so. Just reviewed last month's forecasts.....not too shabby. GM (short), EUR/USD, AUD/NZD and USD/CHF

  • GE

    GABI E.

    12 4 2017 12:20

    0       0

    Great vid' !! Thanks Dave

  • DF

    Dave F.

    10 4 2017 17:34

    0       0

    Here are my updated thoughts on the S&P's in here - daily and 4-hour charts

    www.aspentrading.com/sp-500-sometimes-trading-requires-patience/

  • DF

    Dave F.

    9 4 2017 23:14

    0       0

    Thanks Jason.....regarding the S&P chart, I would need you to clarify the time frame.

    A 60-min chart tells a very different story than a daily :)

  • JA

    Jason A.

    8 4 2017 13:29

    0       0

    Thanks David! Bang on analysis with usdx. I'm in the same bot with the same count. Would you mind posting a count of the ES at your leisure? Say maybe on your twitter or post a link in here? Thanks!

  • PS

    PD S.

    7 4 2017 17:38

    0       0

    great vid as always, dave floyd is da man! ;)

  • DF

    Dave F.

    7 4 2017 14:35

    0       0

    Thanks Richard, appreciate the comments.

  • RM

    Richard M.

    7 4 2017 14:20

    1       0

    Thanks Dave! I'm not an EW'er but I still enjoy your analysis and thoughts. Really appreciate you coming on RVTV on a regular basis so we can get a "track record" of your analysis and recommendations - very helpful!

  • DF

    Dave F.

    7 4 2017 14:14

    0       0

    As an FYI....the SPY Call Spread I talked about in this video was closed out this AM. I remain neutral to slightly bullish on the S&P's, but see a period of sideways chop. Thus wanting to avoid some time decay, I closed the trade. Bought the spread for $3.14 closed at $3.77

  • DF

    Dave F.

    7 4 2017 12:14

    0       0

    Hi Linda A.

    Thanks for your comments and questions.

    My charts are created in MotiveWave - and yes, it is a great charting platform - http://www.motivewave.com/?af=3780006&c=ASPENPUB

    Your observations about key technical developments are all valid, head and shoulders, trend-lines etc etc

    For me - I combine various technical and fundamental factors: Elliott Wave, Fibonacci, quantitative and overall price action just to name a few.

    Hope that helps,

    Dave

  • DF

    Dave F.

    7 4 2017 12:11

    0       0

    Thanks Darrell

  • DF

    Dave F.

    7 4 2017 12:11

    0       0

    Nicely done Steve R.

    Let's see how this idea plays out..

  • SR

    Steve R.

    7 4 2017 01:21

    0       0

    Agree with the short auto-sector theme, I'm already short a couple of stocks in this sector and looking to further build these short positions in any rally.

  • dd

    darrell d.

    6 4 2017 18:46

    2       0

    Interesting take on the car trade. Keep up the good work.

  • LA

    Linda A.

    6 4 2017 17:07

    3       0

    Awesome charts- unlike my IBD charts. What's your take on shorting auto parts suppliers like AAP? Hi P/E, lots of competition (including amzn), retail sector crashing, crumbling chart- below 50 day & 200 day? What is the most important thing u look for when shorting- below 50 day ma? head & shoulders or big volume on gap down? Thank u for the excellent video and time!