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T3’s Trades of the Week: Jeff Cooper on USD, the Red Dog on Biotech

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Welcome to the latest edition of T3’s Trades of the Week newsletter!

Let’s jump right in with this week’s trades and analysis:

1) Jeff Cooper on the US Dollar and Gold

Unless the dollar can recapture its 50 day in short order, it is vulnerable to a break to 98 and an Eiffel Tower move — a complete retracement of the-post election rally.

An extension lower in the dollar should perpetuate a breakout in gold and the miners over the last swing high.

Click here to see¬†how Jeff’s swing trades are going (they’re going well…)


2) Scott Redler on IBB (IBB)

IBB needs to prove it can hold above $293.57. Like a lot of traders, I got stopped out last Thursday. It’s now below the 8/21 day. If this breaks and closes below Friday’s $293.57 low, it could fade back into the base towards the 50 day near $286.

Click here to get a FREE look at Scott Redler’s Trading Screens.

3) Off the Charts on XLNX

It was a pretty quiet day for XLNX Friday. For the second session in a row, an early green move was sold off but similar to Thursday, buyers stepped in to defend 60 and once the morning action slowed down it settled into a long sideways range into the end of the day, eventually finishing above 60. Friday’s close above 60 marked the 3rd day in a row that XLNX finished above the important resistance level.

Although it couldn’t hold onto Thursday’s gains, establishing support above previous resistance should bode well this week. A move above 60.50 that holds would be a solid first step, and clearing 61 should ultimately get momentum rolling.

Click here to learn more about Off the Charts.

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