Gold is Finally Corrected

Daily Pit Stop [FSTP] [WIC]( Gold is FInally Corrected  Griff here with the Chart of the Day. Finally a correction in Gold … It was a nasty one in which overnight gold futures hit a high of $2152 and then reached a low of $2038 this morning. This move confirmed a bearish RSI reversal pattern and a bearish engulfing pattern, which is a powerful combination. [fstp] I would like to see further downside to the 1950 - 1960 area in the days/weeks ahead, which would be an excellent entry point to put on a bull strategy … Let’s Go! - Bill  [Pit Profits] - OP MENTORING: SMG Dec15 60 calls closed for a 40% gain - OPTION SHOPPER: RIOT Dec22 13.50/16 call vertical closed for an 81% gain Want to find YOUR winning fit? Give our Customer Care Team a call at [1-888-872-3301](tel:/1-888-872-3301) Monday-Friday from 9 a.m. - 5 p.m. EST. Or email them anytime at [support@optionpit.com](mailto:/support@optionpit.com)  [fvix] A Rotation Out of The Mag 7?  We're back with our first weekly look-ahead for December! December is off to an interesting start with big money rotating out of the mag 7. But where are they going? [Let's dive right in!]( - Mark  [power income, FPRI] Fed Bullets Run Out in 3-Months  A Goldilocks economy is one that shows steady economic growth, preventing a recession, but not so much growth that inflation rises by too much … It is juuust right … Now, Powell gets credit for this current narrative and it also puts him at the head of the list of top illusionist’s in history. Why do I say that? … Because the probability of recession hitting the US in the first half of 2024 is high and the dominos are beginning to fall that increase the odds even further … [Click through to find out what the impact will be for markets and the best bet on the board to capitalize on it …Â]( - Bill  [AG] An AI Stock Without a QQQ in It From the Desk of Option Pit Director of Education Andrew Giovinazzi.  So we have a touch of the sector rotation today, out of the Invesco QQQ Trust (Ticker: QQQ) and into anything else. Any day going forward is a day for AI and all of the attendant hoopla that goes with it. At one point VIX was up $1.00 on the day and now it is only up .44 into the close. The bigger story is that forgotten stocks are moving. [fstp] Nvidia Corp (Ticker: NVDA) got to a 100 p/e on the promise and growth of their chips for AI. International Business Machines Corp. (Ticker: IBM) is trying to get in on the action. What is even more important is how the stock is moving. $6 range in 4 days with the IV at just 15%. Too darn cheap. [fstp]3 day IBM Chart with 1 min candles Even a 20 P/E multiple for IBM will put it over $180.  Very cheap options and an AI story coming to a new 2 year high near you - AG  [Glossary] There are plenty of terms in the trading world that need explaining. The Option Pit Glossary is here to help. Today's phrase is:  Risk Arb - Short for Risk Arbitrage and it involves shorting one security and buying another to make money on the contraction of the spread between the two securities. All the Right Options. The Option Pit Team brings more than 150 years of experience to you every day. From the trading pits of Chicago to the world's largest banks to the halls of power in DC -- they've done it all. Now they’re collectively focused on one thing: making YOU a better, more profitable trader. Click the button below to schedule a call with our concierge Customer Care Team to find your best fit today. DISCLAIMER: FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. 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