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Weekly Outlook, 5-8

|Includes: AZN, BAC, GES, LLY, NRG, OIL, SLV, SPDR S&P 500 Trust ETF (SPY), TRLG
The market sold off this week on relatively high volume on fears about commodity prices. The irony of this is twofold. First, lower commodity prices will benefit everyone except producers: It isn't bad for the economy. Second, the sell-offs are only as harsh as they need to be. Oil prices should stabilize, and silver prices need to fall after their meteoric rise. The market is now at support at 1375.
Meanwhile, my portfolio had a decent week. NRG was down a little bit, but it had a good 1st quarter [barring the priorly mentioned end to the STP 3&4 nuclear plant]. Guess failed to break through resistance at $43, but it should break through. It is in the middle of a huge symmetrical triangle formation, and I expect an upside breakout eventually. Eli Lilly may be on the cusp of a breakout of a 10-year downtrend and a 2-year range. Volume is high, and the bollinger bands predict a big upside breakout. I am very bullish. Astrazeneca is flirting with support/resistance at $50.75, which it has yet to decisively break either way. Bank of America continues to bumble along support. True Religion continues to outperform, even though it had a rough week. Overall, I'm bullish.