Here are the charts I wanted to post over the weekend but I am glad I am posting today after the surprise red Monday close on wall st.
KGC is holding it's short term TL, My current long position is still able to play out well.
Gold and Dollar, on daily gold chart we are over bought, I am expecting profit taking and a possible down side move but not a big drop. I suggest to trim down your longs on Gold.
Dollar I am watching, it is holding the previous support but at this time i am not taking long position on dollar. I need a confirmation before I go long on USD
FSLR my fib set up on it. I am taking a big hit on FSLR currently but so far it looks it has more down side before it start rallying. I could be wrong but charts says otherwise. I am holding on my long as I have April calls but it will be slow bleeding for me. 50% support is where I will add some more calls with stop at 61.8%
Here's weekly chart of FSLR to get better picture
/ES broke an important long term TL. I am expecting more downside on /ES. If you want to play futures, I suggest short 2 contracts of /ES and hedge it with 1 contract of /NQ long.
This should play out well for you, if /ES drops you can close your /NQ long and ride with /ES short. If market plays otherwise you will be hedged and limit your loss as /NQ will lead the way to the upside.
Weekly SPX chart, still in uptrend but a possible pull back is expected. As far as SPX holds the trend line, I see 1400 easily in couple of months.
Finally LVS, after the news got hammered big time but still TLs are working fine. Found support on the short term TL and I am expecting a bounce back soon, I personally think today's action was an overreaction to the news. There is a possibility that big boys are adding this one to their long position.
That's all for tonight, Over all market still has room to go down but I am not expecting any flash crash. A healthy pull back is always there before in bull market.Market outlook to the downside,
Hand pick stocks should play out better to the upside.
Short the market and go long on stocks, this way you will balance your portfolio and limit your loss.
Forget about the end results which is profit, concentrate on the path to the end result and that is limit your loss.
Good night! See you cats tomorrow.
TW over and out.
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