Markets
USA

Trade of the Day: Goldcorp Inc. (USA) (GG)

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

To receive further updates on this Goldcorp Inc. (USA) (NYSE: GG )trade as well as an alert when it's time to take profits, sign up for a risk-free trial of Power Options Weekly today.

While the S&P has started to break out from its consolidation range, my outlook for the intermediate term is for more sideways action. We are in the slow season for the stock market, so it may be tougher for the bulls or bears to take control.

One reason I'm not expecting to see a clear direction for the market anytime soon is that we are also in an election year. The 2018 mid-term elections are coming up in the United States, and I think that's going to cause significant uncertainty should the Democrats take back one or both houses of Congress.

The other big story this week is the price of WTI crude oil, which is trading around $71 per barrel at current levels. Over the longer term, I'm still expecting oil prices to decline, but geopolitics will likely drive commodity prices higher in the short term. The U.S. dollar has been on a tremendous rally for a while now, but I think it will pull back eventually.

When it does, that should also help to drive the value of oil, as well as gold and silver, higher. And we'll be positioned to profit with today's bullish trade in Goldcorp Inc. (USA) (NYSE: GG ):

Buy to open the GG Jul 14 Calls (GG180720C00014000) at $0.55 or lower.

Follow our Facebook page to receive each Trade of the Day direct to your News Feed - and join the conversation.

InvestorPlace advisor Ken Trester brings you Power Options Weekly, which delivers 5 new options trades and his latest trading advice to you each Friday. Trester has been trading options since the first exchanges opened in 1973 with a winning streak that goes back to 1984 with money-doubling average annual profits since 1990.

Compare Brokers

The post Trade of the Day: Goldcorp Inc. (USA) (GG) appeared first on InvestorPlace .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

USA

Other Topics

Stocks

Latest Markets Videos

    InvestorPlace

    InvestorPlace is one of America’s largest, longest-standing independent financial research firms. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers.

    Learn More