The bulls have all systems go: H&S pattern failure, resistance breached, the entire media talking about how Ben Bernanke has saved the world, and rising oil with a falling dollar.
Heck if you can't beat them, join them.
A lot of bears have been hurt recently by this up move we are in. I would be lying if I said I hadn't been hurt. I have had some winners but more losers than I typically get. Sometimes that happens and we just have to brush off and try again. So what am I looking at?
Keep your eye on the dollar, as long as it is heading south then equities should do fine. But it will soon fine a intermediate term bottom so if you are bullish just be prepared with your stops. As your position profits, just raise your stops to lock in the gains. Here is what I am trading:
SRS...watch IYR which could run to $39 making SRS attractive again.
UNG...will run sometime, probably a continued buy on a ticks under $13
TZA...3x bear IWM
TNA...3x IWM
UCO...this is double long oil
STP...breakout in progress, watch a reversal be defensive
JASO...possible breakout, watch it
KONG...broke last week but ended the week soft
HIG ...I had nice gains last week on this but exited too soon...I'm watching for a breakout
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MGM: I forgot to add this one. It might test June 1st high of $8.36 soon, a break of that could get a good run to $12
ReplyDeleteGE is also a potential breakout...watch it
ReplyDeleteIt's just luck i decided to look at stocks using a 2 month time frame today----The $USD has an extreme bullish 50 day with an 80-81 target price---the going up should start between now and 3 to 4 days from now--I was going to short USO on Tuesday ahead of the report---that's when the dollar might get it's first up day ( wed) and FRI is GDP, possible down day for the market and a USO collapse day again--
ReplyDelete