Commodities Have Set The Tone

The trading  in the GLOBEX sessions and this morning have been volatile in the red zone for commodities. GOLD is down over 80 points and was as low as -95 to 1385. A follow through from last week’s selling. Copper,Silver down big also. Energy like CRUDE and Nat. Gas getting sold also.

The Grains are also taking larger hits across the board in CORN , SOY and WHEAT. The selling in commodities will eventually have a direct impact in stocks related to the Industrials and Basic material (XLE,XLB and XLI).

I fully expected this to happen for GOLD but not  necessarily across the entire commodity front. In the meantime  we will watch how the energy and basic material stocks act by mid to week’s end.

Nick Pirraglia

About Nickolas Pirraglia

Nick Pirraglia started his career in trading in 1991 after returning to the US as an Army Officer deployed in Iraq. He began as a bond broker and worked his way into trading. Expert mentoring, hard work and a disciplined approach to the markets has allowed Nick the ability to maintain a very successful career in Capital Markets and Trading for over 20 years as a professional OTC Market Maker and independent trader. Nick has also managed the trading desks for a two Dallas based capital management companies and traded equities for a Dallas based hedge fund. Nick has trained and mentored thousands of customers in the rigors of trading, technical analysis and risk controls. Recently, Nick had broadened his market experience through the design and product management of two automated trading platforms. He has the pleasure of working with some of the brightest minds in the trading community and has collaborated with experts in data, design, engineering and trading psychology. An avid long distance runner, Nick completed several marathon events, qualified for the Boston marathon, completed several long distance Triathlons to include finishing a full Ironman triathlon.
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