As I wrote last Friday, I took a long position in Teck Resources (TCK-B.TO) at \$36.03 but got stopped out at breakeven. In hindsight, the retracement after testing the \$37 resistance held the 50% level near the close. That was a bullish sign that I missed at the time and only realized during my weekend review. As you know, the TSX market gapped about 2% up and S&P gapped about 4% up right at the open. The market traded in a range all day but managed to hold the gap. However, EUR/USD closed its gap and is testing 1.27 support as I write this. The EUR/USD pair will be an important pair to watch as the European Union drama unfolds. With regard to TCK, Figure 1 speaks for itself. It gapped up about 8% and closed up 8.78% at \$39.53. I decided not to chase the market early on today as the reward/risk ratio just isn't as appealing anymore. There are always opportunities sailing around the corner. So there is no need to go out of breath chasing that one missed boat.
[caption id="" align="aligncenter" width="570" caption="Tech Resources (TCK-B.TO)"][/caption]