👀 Tradeify reveal plans for $1 million trading tournament

Hi guys, it’s Kieran. Another week is upon us and the markets are open, so lets get into it.

📢 Prop Firm Industry News

It was a relatively quiet week across the industry with no major news. Notable however was Tradeify announcing a huge trading tournament, with a $1million prize pool. There seems to be a growing trend in the industry of firms running trading tournaments, but this one is a big one. $200k first prize, plus traders keep 80% of their profits from the finals. $35 entry or free for current Tradeify customers. Very cool tournament structure. You can find all the details on the tournament registration page here.

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🕜 Red Folder News

Here are this week’s red folder news events. Another week of US government shutdown, however we will be getting US CPI on Friday. This release is a special exception mandated for calculation of the Social Security cost-of-living adjustment, so it will go ahead even as other usual data remains delayed..

📈 The Macro View

A failed Friday breakdown

It was an up and down week in the equity markets. Friday was very interesting as the S&P500 tried to break to the downside during the European session, but failed and rallied all throughout the US session putting in a strong close. Futures green again this morning.

Fear, close to extreme levels.

At one point last week we hit Extreme Fear. Extreme Fear market sentiment typically represents good conditions for contrarian longs. Buy when there’s blood in the streets.

The dip got bought….big

Bank of America reported record inflows into tech last week. When it comes to big tech, dips get bought when stocks go on sale.

A word on Gold.. totally dislocated

On a technical basis, Gold has left even the shorter term moving averages way behind. We could easily correct down to the 21 day, around $3950, and still no harm would be done to the chart. The 50 day is at $3675 for some perspective, which is 13% down from here.

Gold inflows remain massive…but

Gonna be a lot of trapped longs when this thing reverses. Silver, which gold is highly correlated to, finished -4.5% down on Friday. Not what you want to see if you are getting long Gold this late into the move. Silver futures red again this morning. Trade the metals with caution.

OK guys that it from me, have a great week!

Kieran

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