The markets opened to the upside on Friday due to employment figures that suggested the Fed may have reason to pause rate hikes after the May 10 Fed policy meeting. The Dow, NASDAQ, and S&P all closed higher on the trading session.

Today's US stock futures are showing that we should expect a flat opening. This is not typical of a Monday morning. Usually we will see a higher opening on the start of the week, but markets likely remain flat on anticipation of the Fed policy meeting this Wednesday. We probably will not see much action in the market until after Wednesday's meeting. After the meeting, markets will likely be extremely volatile as traders try to make sense of the Fed's comments.

Applied Materials (NASDAQ: AMAT) has been trading at relative strength to the market for the past two trading days. On top of that, the stock has branched off its uptrend and started an accelerated uptrend. The buying interest in AMAT has occurred on higher than usual volume, suggesting that the stock may not be finished moving higher.

I am overall bullish on the precious metals mining industry. With commodities prices flying, and no sign of a slowdown there's no reason not to explore these stocks for potential buying opportunities. That's what I was doing when I came across Agnico-Eagle Mines Ltd (NYSE: AEM). This is a simple set up, but one that should not be overlooked.

AEM presents your basic trendline pullback scenario. The stock has recently pulled back to the up trend line and presents a potential buying opportunity. I would like to see the price move a little closer to the trend line before entering a position.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.