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  • Market Rally Update

    Our last post, Friday afternoon, was just a few points from what turned out to be the bottom for this market move on Monday, and as of this writing on Thursday afternoon the DJIA is over 400 points higher.

    Monday evening we suggested going long BAC (Bank of America) to subscribers, based on an important technical point we'd noticed plus the fact that sentiment against bank stocks was extreme. We felt that banks would lead a market rally.

    Shorts in banks, and everything else, took a beating on Wednesday as major indexes rallied roughly 2.5% in a single day, and by Thursday morning BAC was 15% higher.

    Taking at least some gains on longs purchased the past few days seems prudent, and it seems to us that it's not yet time to safely re-short.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: Traded in and out of BAC and FAS already.

    Tags: BAC, GS, JPM, MS, WFC, FAS, banks, swingtrading
    Jun 07 3:01 PM | Link | Comment!
  • U.S. Dollar At Likely Resistance

    May was the worst month for the DJIA in two years. Luckily our proprietary trading system had us triple-short the market since early May and subscribers booked a 20% gain on that position in addition to a 17% gain on our latest silver short.

    Now contrary to the overwhelming negative sentiment and news currently, we expect a bounce.

    There are technical reasons are primarily that both the DJIA and Goldman Sachs are down to their break-even points for the year thus a bounce from that crucial technical level is likely.

    The main reason we suspect a bounce is imminent is found in this chart of the U.S. dollar 2x bullish ETF, UUP, which we hold since buying it at the exact lows in early May of last year when the world was ultra-bearish on the dollar. We remain very bullish the U.S. dollar and expect it to go to multi-year highs, however it is unlikely that it'll cross the resistance shown on the chart without first some retracement of the recent big gains it has made. If that's the case, very likely equities will go the other way - higher.

    Despite the DJIA being down a whopping 220 points as we write, UUP is slightly in the red on the day which is a minor non-confirmation of the DJIA's drop in our estimation.

    (click to enlarge)

    Disclosure: I am long UUP.

    Tags: UUP, gold, silver, dollar, euro, yen, djia
    Jun 01 12:10 PM | Link | Comment!
  • Important Gold Chart Update

    Sad, but true.

    The above chart is an update to this posting.

    Nobody has called gold and silver more accurately over the past several years than we have.

    Our latest gold signal, via our subscriber-only "Trend Technical Trader" service, was to sell short on March 21st.

    It's getting about time for a bounce in precious metals. Silver will eventually get to our target in the low-$20's. For starters.

    Disclosure: I am short GLD, SLV.

    Additional disclosure: Holding calls on ZSL that are now way in-the-money, as well as a hefty DZZ position.

    May 15 2:49 AM | Link | Comment!
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