Strategist: Technical Factors Say Time For 'Risk On'
If these charts could talk, they'd be telling you to put on some risk, says this strategist. Here's how.
Todd Gordon, co-head of research and trading at Aspen Trading Group, has been looking at charts for stocks and oil futures, and he says they're breaking through critical levels.
For the S&P 500, "1225, 1230 was resistance. we broke it," he told CNBC's Scott Wapner. "If we are going to get above 1257, I think the move is up to 1307." Gordon is equally bullish on crude oil, which he believes could move up to 100.
To trade on the positive signals, Gordon wants to use the risk-sensitive Australian dollar, buying it against the U.S. dollar - particularly if Australian inflation comes in at a level that makes an interest rate cut unlikely. He recommends getting in at 1.04 with a stop at 1.03 and a target of 1.07.
You can watch the whole discussion in the video clip.
Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.
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