Hi Folks, today seem to have been quite a day with a shake out for the first half of the day and then a nice rally keeping the market up in the end. The semis where leading the market most of the day today followed by the oil services, broker dealers, and then Internet stocks. I believe that the market is actually about to break to the upside for a nice run so I really would not want to be short in this position. Gold is still looking strong and seems to be setting itself up for a killer breakout either tomorrow or starting next week. A spot close above $930 can take gold all the way up to $1000 with some resistance on the way up at $950. Also the tech sector is looking strong so going into tomorrow I am long the tech market preferably in the Semiconductors using the USD( Ultra Semis). You can also play it on the SMH good for two points on a breakout of the H&S pattern. Earlier in the week I was bearish on what seemed to look like a head and shoulders, but in fact it was actually a formation of an inverse** SORRY FOLKS! So of course if the SMH breaks out your better off playing the USD, considering we get a nice rally tomorrow like where looking for. Go long on USD on the breakout of SMH H&S pattern. I'm long already for I'm a more aggressive trader.
SMH Chart- Long SMH 1st price target $21
USD Chart
I also have a friend who is subscribe to a newsletter. In this specific news letter the writer was bullish on canadian stock (EWC) and Brazil (EWZ). The writer was bearish on USA stocks. I like the idea of being long the foreign markets right now though. China (FXI) was also looking strong today. I think if you want to make some money you should start going into commodities and going into things that go inverse the dollar( Going up when dollar going down). Thats all folks videos coming this week first test one. Have a good day tommorow and good trading.
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